Location: Franklin County, NY | Metro: Clinton County, NY
Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)
| Unit Size | Monthly FMR |
|---|---|
| Studio | $880 |
| 1 Bedroom | $980 |
| 2 Bedrooms | $1,160 |
| 3 Bedrooms | $1,380 |
| 4 Bedrooms | $1,620 |
| 5 Bedrooms | $1,879 |
| 6 Bedrooms | $2,104 |
| 7 Bedrooms | $2,272 |
| 8 Bedrooms | $2,386 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,160 | $180,480 | 0.64% | D |
| 3BR | $1,380 | $180,349 | 0.77% | D |
| 4BR | $1,620 | $166,616 | 0.97% | C |
U.S. Census Bureau data (2024)
The rent math in ZIP code 12920, located in Chateaugay, NY within the Franklin County, NY metro area, does not favor landlords. The Federal Market Rent (FMR) for FY 2026 is set at $1,210, while the actual market rent, according to Census ACS data, is only $836. This discrepancy suggests that landlords may struggle to cover costs and profit margins if they rely on the market rate.
Acquisition is relatively affordable in this ZIP code, with a median home value of $160,087. However, the lack of data regarding days on market (DOM) and the percentage of homes needing price cuts to sell indicates an uncertain housing market. Without these metrics, it's challenging to predict how long it might take to sell a property or whether significant price reductions will be necessary.
Tenant demand in ZIP 12920 is modest given the total population of 2,624 and a renter share of 16.8%. This implies that approximately 441 residents are likely to seek rental properties. The low renter share suggests that the majority of the population prefers homeownership, which could limit the pool of potential tenants.
Verdict: In ZIP 12920, the rent math is unfavorable for landlords due to the substantial gap between the FMR and the actual market rent. While the median home value is affordable, the incomplete data on DOM and price cut percentages introduces uncertainty into the acquisition process. Lastly, tenant demand is limited by both the small population size and the preference for homeownership over renting. Landlords and small-portfolio investors should approach this market cautiously, considering the economic challenges and potential difficulties in finding tenants.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-08-31). Demographics from U.S. Census (2024).
About FMR: Fair Market Rent (FMR) is used to determine payment standards for the Section 8 Housing Choice Voucher program, initial renewal rents for some expiring project-based Section 8 contracts, and rent ceilings for HOME Investment Partnerships.