Location: Essex County, NY | Metro: Essex County, NY
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,130 |
| 1 Bedroom | $1,180 |
| 2 Bedrooms | $1,550 |
| 3 Bedrooms | $1,880 |
| 4 Bedrooms | $2,160 |
| 5 Bedrooms | $2,506 |
| 6 Bedrooms | $2,807 |
| 7 Bedrooms | $3,032 |
| 8 Bedrooms | $3,184 |
U.S. Census Bureau data (2024)
The market analysis for Section 8 investors in ZIP code 12987 reveals a mixed landscape that requires careful consideration. The HUD Fair Market Rent (FMR) for the area is set at $1,550 for fiscal year 2026, which is based on the broader Essex County, NY metro scope. However, the lack of available data on market rents makes it challenging to directly compare FMRs with prevailing market rates.
Despite the absence of precise market rent figures, the median home value of $313,095 can be used to infer some insights into the local housing market. By calculating the rent-to-price ratio, we find that rental income at the FMR level would represent approximately 0.59% of the median home value. This ratio suggests that properties in ZIP 12987 are primarily oriented towards homeownership rather than rental investments, implying that cashflow from voucher tenants may be marginal unless premium units are offered.
The median Days on Market (DOM) and the percentage of homes that experienced price cuts are not provided, but these metrics are typically indicative of the rent-versus-buy dynamics in an area. In ZIP 12987, given the high median home value, the focus should be on the stability and potential for long-term appreciation rather than short-term cashflow gains.
The strongest angle for Section 8 investors in ZIP 12987 is likely to be stability. Given the established median home value and the presence of the Section 8 program, landlords and small-portfolio investors can expect steady, government-backed rental income, making this location suitable for those seeking consistent returns over time.
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.