Location: Essex County, NY | Metro: Essex 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 | $1,290 |
| 1 Bedroom | $1,350 |
| 2 Bedrooms | $1,760 |
| 3 Bedrooms | $2,140 |
| 4 Bedrooms | $2,450 |
| 5 Bedrooms | $2,842 |
| 6 Bedrooms | $3,183 |
| 7 Bedrooms | $3,438 |
| 8 Bedrooms | $3,610 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,760 | $440,495 | 0.4% | F |
| 3BR | $2,140 | $529,685 | 0.4% | F |
U.S. Census Bureau data (2024)
The market in ZIP code 12942, Keene, NY, is currently in a state of flux, characterized by the interplay between federal rental standards and local market conditions. The Fair Market Rent (FMR) set by the Department of Housing and Urban Development for fiscal year 2026 stands at $1,780. This figure represents the benchmark for what is considered affordable for low-income families under the Section 8 program. In contrast, the actual market rent, as reported by the Census Bureau's American Community Survey (ACS), is slightly lower at $1,713. This suggests that while rents are relatively stable, there is a slight upward pressure towards the FMR.
The median home value in Keene is $459,813. Although we do not have specific percentages for price-cut share or days on market (DOM), the gap between the FMR and market rent indicates that landlords may find it challenging to raise rents significantly without losing tenants who rely on the Section 8 voucher system. The fact that the FMR is higher than the market rent implies that the demand for affordable housing could be outpacing the supply, particularly for those eligible for assistance programs.
A key indicator of long-term housing pressure is the 10.3% renter share. This percentage reflects the proportion of households renting versus owning property. A lower renter share compared to many urban areas might suggest that homeownership is more prevalent in Keene. However, the presence of any renters, especially those reliant on Section 8 vouchers, signals a persistent need for affordable housing options. As the local economy evolves and influences housing costs, maintaining affordable rental units becomes crucial for sustaining a diverse community.
The dynamics of this market show a delicate balance between the needs of renters and the realities faced by landlords. While the current market rent is below the FMR, indicating a somewhat favorable environment for renters, the steady increase towards the FMR suggests a gradual tightening of the housing market. Landlords must navigate these trends carefully, ensuring their properties remain competitive and attractive to potential tenants, including those with Section 8 vouchers.
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.