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 | $810 |
| 1 Bedroom | $850 |
| 2 Bedrooms | $1,110 |
| 3 Bedrooms | $1,350 |
| 4 Bedrooms | $1,550 |
| 5 Bedrooms | $1,798 |
| 6 Bedrooms | $2,014 |
| 7 Bedrooms | $2,175 |
| 8 Bedrooms | $2,284 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,110 | $138,768 | 0.8% | D |
| 3BR | $1,350 | $158,864 | 0.85% | C |
| 4BR | $1,550 | $177,763 | 0.87% | C |
U.S. Census Bureau data (2024)
The ZIP code 12974, located in Port Henry, NY, stands out within Essex County due to its unique demographic and economic characteristics. With a population of 1,617 residents, the area has a relatively low percentage of renters at 28.6%, indicating a predominantly owner-occupied housing market. The median income for residents is $47,278, which is modest but sufficient for many households. Additionally, the median home value in Port Henry is $145,473, reflecting an affordable housing market compared to larger metropolitan areas.
Moving into the specifics of Section 8 voucher economics, the Fair Market Rent (FMR) for the metro area covering fiscal year 2026 is set at $1,100. This figure represents the maximum amount that landlords can receive through the voucher program for a two-bedroom unit. However, the actual market rent in Port Henry, according to Census ACS data, is significantly lower at $791. This disparity suggests that landlords participating in the Section 8 program in Port Henry will see a reduction in potential rental income if they rely solely on the voucher amount. Yet, the lower market rent also means that the difference between the FMR and the actual market rent is manageable, allowing landlords to maintain profitability while providing affordable housing options to low-income families.
Considering the overall data signature of ZIP 12974, it reads as stable. The modest median income and affordable home values indicate a community where homeownership is accessible, and the relatively low percentage of renters supports this trend. While the gap between the FMR and the market rent may present some challenges for landlords, the overall economic environment is conducive to steady, predictable returns on investment. For small-portfolio investors, this stability can be a significant advantage, ensuring consistent cash flow without the volatility often associated with transitional markets.
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.