Location: Otsego County, NY | Metro: Albany-Schenectady-Troy, NY MSA
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 | $1,100 |
| 1 Bedroom | $1,280 |
| 2 Bedrooms | $1,540 |
| 3 Bedrooms | $1,840 |
| 4 Bedrooms | $2,030 |
| 5 Bedrooms | $2,355 |
| 6 Bedrooms | $2,638 |
| 7 Bedrooms | $2,849 |
| 8 Bedrooms | $2,991 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,540 | $185,996 | 0.83% | C |
| 3BR | $1,840 | $231,860 | 0.79% | D |
| 4BR | $2,030 | $236,137 | 0.86% | C |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 13320, Cherry Valley, NY, for fiscal year 2024 is set at $1,190. This figure represents the maximum amount that a landlord can charge for rent under the Section 8 program, which is designed to provide affordable housing options for low-income families. It's important to note that this is the payment standard, not necessarily the rent you will receive, as it can be adjusted based on the actual market conditions and the specifics of the property.
To put this into perspective, the average rent in Cherry Valley, NY, according to the latest Census American Community Survey (ACS), is around $1,125. This indicates that the FMR is slightly above the average rent in the area, providing a reasonable margin for landlords participating in the program.
The demand for rental properties in Cherry Valley is relatively stable, with about 5.7% of the population renting homes. While this percentage might seem low, it translates to a consistent number of renters who could benefit from the Section 8 program. Given the FMR, these renters would likely find a Section 8 rental unit attractive, as it aligns closely with the local average rent.
When considering purchasing a property to become a Section 8 landlord, the median home value in Cherry Valley is approximately $190,763. This figure helps you understand the potential acquisition costs and can guide your investment decisions. However, remember that the value of individual properties can vary significantly based on size, condition, and location.
Before making a final decision, ensure that the property meets all the necessary requirements for the Section 8 program. This includes passing a Housing Quality Standards (HQS) inspection, which verifies that the home is safe, decent, and sanitary. The HQS inspection is critical because failing it can delay your participation in the program and potentially impact your rental income.
In summary, the FMR of $1,190 for ZIP 13320 provides a clear guideline for setting your rent under the Section 8 program. With an average rent of $1,125 locally, you can expect a steady demand from eligible tenants. The median home value of $190,763 gives you a benchmark for the cost of acquiring a rental property. Verify that your property meets the HQS standards to avoid delays and ensure compliance with the program.
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.