Section 8 Fair Market Rent (FMR) for ZIP 12983 - 2027

Location: Franklin County, NY | Metro: Essex County, NY

Investment Score for ZIP 12983

Monthly Rent (2BR)

$1,070

Median Price (2BR)

$282,260

1% Rule

0.38%

Annual Yield

4.55%

Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$810
1 Bedroom	$860
2 Bedrooms	$1,070
3 Bedrooms	$1,310
4 Bedrooms	$1,490
5 Bedrooms	$1,728
6 Bedrooms	$1,935
7 Bedrooms	$2,090
8 Bedrooms	$2,195

Investment Analysis by Bedroom Size

Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)

Bedrooms	Monthly FMR	Median Price	1% Rule	Grade
1BR	$860	$263,077	0.33%	F
2BR	$1,070	$282,260	0.38%	F
3BR	$1,310	$365,991	0.36%	F
4BR	$1,490	$478,647	0.31%	F
5BR	$1,728	$695,778	0.25%	F

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

7,296

Median Household Income

$65,985

Housing Units

4,726

Renter Percentage

42.7%

Occupancy Rate

77.0%

Renter Occupied

1,555

Saranac Lake, NY, located in the heart of the Adirondacks, is a charming village known for its natural beauty and outdoor recreational opportunities. The town attracts visitors year-round, offering a mix of seasonal and permanent residents. This market analysis provides insights into the rental and housing market dynamics in ZIP code 12983, specifically focusing on the implications for landlords and small-portfolio investors.

The Fair Market Rent (FMR) for a two-bedroom apartment in the metro area for fiscal year 2026 is set at $1,070.
The average market rent for a two-bedroom apartment in Saranac Lake, according to Census ACS data, is $872.
The median home value in the area stands at $331,252, reflecting the overall housing affordability.
Renters make up 42.7% of the local population, indicating a significant demand for rental properties.
The median household income in ZIP 12983 is $65,985, suggesting that residents have a moderate ability to pay rent.
The days on market (DOM) for rental listings is currently listed as N/A, which may indicate either a balanced market or a lack of comprehensive data.

The data points above paint a picture of a rental market in Saranac Lake that is moderately priced but has room for growth, especially as the FMR suggests higher potential rents. With nearly half of the population being renters, there's a strong demand for rental properties. However, the median income indicates that rents should remain reasonable to attract tenants. For investors, this means focusing on properties that can be rented at or near the market rate while keeping an eye on the FMR as a benchmark for future increases. The median home value also offers a stable base for property investments, ensuring a balance between rental income and potential appreciation.

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.