Location: Essex County, NY | Metro: Clinton 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 | $1,080 |
| 1 Bedroom | $1,130 |
| 2 Bedrooms | $1,480 |
| 3 Bedrooms | $1,800 |
| 4 Bedrooms | $2,060 |
| 5 Bedrooms | $2,390 |
| 6 Bedrooms | $2,677 |
| 7 Bedrooms | $2,891 |
| 8 Bedrooms | $3,036 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,480 | $337,261 | 0.44% | F |
| 3BR | $1,800 | $472,020 | 0.38% | F |
| 4BR | $2,060 | $618,020 | 0.33% | F |
U.S. Census Bureau data (2024)
ZIP code 12997 is located in Wilmington, NY, a small town with a total population of 1,251. Approximately 20.0% of residents are renters, indicating a community where the majority own their homes. The median household income in this area stands at $82,344, which reflects a modestly affluent neighborhood. Median home values in ZIP 12997 are notably high at $403,848, suggesting that property ownership is both desirable and somewhat exclusive.
When it comes to rental economics, the Fair Market Rent (FMR) for the metro area in fiscal year 2026 is set at $1,450. However, the current market rent, according to the Census ACS, is significantly lower at $1,063. This discrepancy highlights a potential opportunity for investors who can manage properties efficiently to capture the higher FMR through participation in the Section 8 program.
The characteristics of ZIP 12997 make it suitable for both hands-off voucher operators and hands-on value-add buyers. For those inclined towards a hands-off approach, the relatively low percentage of renters and the high FMR provide a stable environment with predictable returns. Conversely, for hands-on investors looking to add value, there is room to increase rents closer to the FMR level by improving property conditions and amenities, thereby enhancing profitability.
In summary, ZIP 12997 offers a blend of affordability and potential for growth, making it an attractive option for Section 8 investors. With a median income of $82,344 and median home values at $403,848, the area presents a balanced mix of economic stability and opportunities for hands-on improvement.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-08-31). 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.