Location: Chenango County, NY | Metro: Chenango County, NY
| Unit Size | Monthly FMR |
|---|---|
| Studio | $850 |
| 1 Bedroom | $860 |
| 2 Bedrooms | $1,010 |
| 3 Bedrooms | $1,410 |
| 4 Bedrooms | $1,520 |
| 5 Bedrooms | $1,763 |
| 6 Bedrooms | $1,975 |
| 7 Bedrooms | $2,133 |
| 8 Bedrooms | $2,240 |
U.S. Census Bureau data (2024)
The Section 8 thesis for ZIP code 13155 is built around the discrepancy between the Fair Market Rent (FMR) set at $970 for the fiscal year 2026 and the actual market rent of $913 as reported by the Census Bureau's American Community Survey (ACS). This gap stands at $57, representing approximately a 6.2% difference between the two figures.
Given that the FMR is higher than the market rent, landlords and small-portfolio investors can leverage this situation to maximize their yields. Voucher tenants, who are subsidized by the government up to the FMR level, will pay the higher rate of $970 per month, thereby ensuring a better rental income compared to open-market rates. This makes ZIP 13155 a favorable area for those seeking to increase their cash flow through Section 8 participation.
In the broader context of ZIP 13155, where 18.8% of residents are renters, the median home value is $115,735, and the median household income is $66,563, the decision to accept Section 8 vouchers becomes even more strategic. The relatively low median income suggests that many residents rely on assistance programs like Section 8 to afford housing. Therefore, landlords who accept these vouchers can secure a steady stream of tenants, knowing that the government will cover the rent up to the FMR level.
However, it's important to note that accepting Section 8 tenants comes with its own set of challenges and considerations. Landlords must adhere to HUD regulations, which can include regular inspections and maintenance requirements. Additionally, the process of becoming a Section 8 landlord involves paperwork and compliance checks that might deter some investors. Despite these factors, the financial advantage of receiving $57 more per unit than the market average makes it a compelling strategy in this ZIP code.
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.