Location: Essex County, NY | Metro: Essex County, NY
| Unit Size | Monthly FMR |
|---|---|
| Studio | $970 |
| 1 Bedroom | $1,020 |
| 2 Bedrooms | $1,330 |
| 3 Bedrooms | $1,620 |
| 4 Bedrooms | $1,850 |
| 5 Bedrooms | $2,146 |
| 6 Bedrooms | $2,404 |
| 7 Bedrooms | $2,596 |
| 8 Bedrooms | $2,726 |
U.S. Census Bureau data (2024)
The ZIP code 12975 presents an interesting scenario for both renters and landlords. The median income for this area is currently not available, which makes it challenging to assess the average household's financial capability directly. However, focusing on the rental costs, the market rate stands at $1,047 according to the latest Census ACS data. This figure represents the typical rent that households in this ZIP code pay.
In contrast, the Fair Market Rent (FMR) for the metro area for fiscal year 2026 is set at $1,350. This higher amount reflects the voucher payment standard, indicating that families receiving housing assistance through vouchers could potentially have more disposable income for rent compared to those paying market rates.
The ZIP code has a relatively low percentage of renters at 20.3%, with a total population of 78. Given these numbers, the affordability gap between the market rate and the FMR becomes significant. For households relying solely on market-rate rents, the cost of living can be quite high relative to their income, leading to increased competition among landlords who offer more affordable options or accept vouchers.
The takeaway for landlords considering whether to adopt a voucher versus cash-pay strategy is clear. While accepting vouchers might involve some administrative overhead, it opens up the rental market to a segment of the population that can afford higher rent due to government subsidies. This strategy could reduce vacancy rates and ensure steady income, even if the overall rent collected is slightly lower than the market rate.
Landlords should weigh the benefits of guaranteed payments against the potential challenges of working with the housing authority. In ZIP 12975, where the number of renters is limited, leveraging vouchers can be a competitive advantage, ensuring a stable tenant base in a market with tight margins.
Data Sources: FMR data from HUD (2027). 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.