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 | $1,120 |
| 1 Bedroom | $1,170 |
| 2 Bedrooms | $1,520 |
| 3 Bedrooms | $1,850 |
| 4 Bedrooms | $2,120 |
| 5 Bedrooms | $2,459 |
| 6 Bedrooms | $2,754 |
| 7 Bedrooms | $2,974 |
| 8 Bedrooms | $3,123 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $1,850 | $517,643 | 0.36% | F |
U.S. Census Bureau data (2024)
The ZIP code 12943 stands out due to its unique demographic and economic characteristics. With only 260 residents, it is one of the smallest ZIP codes in terms of population. However, 31.3% of these residents rent their homes, indicating a significant portion of the housing market dedicated to rental properties. The median home value in this ZIP is notably high at $472,440, suggesting that homeownership is reserved for those with higher incomes. Despite this, the median income figure is not available, which might imply a diverse range of economic backgrounds among the residents.
Turning to the voucher economics, the Fair Market Rent (FMR) for the metro area in fiscal year 2026 is set at $1,530. This figure represents the average amount landlords can expect from tenants participating in the Section 8 program. Given the lack of specific market rent data, it's difficult to compare the FMR against local rental rates. However, the high median home value suggests that the cost of living in this ZIP is above average, which could mean that rental prices are also relatively high. Landlords should be aware that while the FMR provides a baseline for rental assistance, the actual rents charged might exceed this amount due to the premium nature of the housing market in 12943.
Based on the available data, the ZIP code 12943 appears to be stable. The high median home value indicates a strong real estate market, and the percentage of renters suggests a balanced mix between homeowners and tenants. However, the absence of median income data introduces an element of uncertainty. If the local economy experiences fluctuations, it could impact the stability of the housing market. For now, the data points towards a ZIP code where landlords can expect steady demand from both market-rate and Section 8 tenants, but they must be prepared to charge rents that reflect the high cost of living in the area.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-07-31). 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.