Location: Otsego County, NY | Metro: Utica-Rome, 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 | $810 |
| 1 Bedroom | $870 |
| 2 Bedrooms | $1,110 |
| 3 Bedrooms | $1,330 |
| 4 Bedrooms | $1,470 |
| 5 Bedrooms | $1,705 |
| 6 Bedrooms | $1,910 |
| 7 Bedrooms | $2,063 |
| 8 Bedrooms | $2,166 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,110 | $235,606 | 0.47% | F |
| 3BR | $1,330 | $223,817 | 0.59% | F |
| 4BR | $1,470 | $237,766 | 0.62% | D |
| 5BR | $1,705 | $272,438 | 0.63% | D |
U.S. Census Bureau data (2024)
The analysis of ZIP code 13439, located in Richfield Springs, NY, within the Otsego County, NY metro area, reveals key insights for potential landlords and small-portfolio investors. First, let's examine whether the rent math works. The Fair Market Rent (FMR) for the zip code in fiscal year 2024 is set at $930. However, the Census American Community Survey (ACS) indicates that the current market rent is $849. This suggests that landlords may need to adjust their expectations downward to align with the actual market conditions.
Regarding the affordability of acquisition, the median home value in ZIP 13439 is $209,782. While the average number of days on the market (DOM) and the percentage of homes that require a price cut are not available, the relatively low median home value implies that acquiring properties could be cost-effective compared to more expensive markets. This makes it an attractive option for investors looking to enter the real estate market without significant capital outlay.
Lastly, the tenant demand is assessed based on the population and the renter share. With a total population of 3,681 and 22.1% of residents being renters, there is a moderate but steady demand for rental properties. Although the renter share is not exceptionally high, it does indicate a stable pool of potential tenants who would likely occupy available units.
Verdict: In ZIP 13439, the rent math slightly favors the market rate over the FMR, suggesting landlords should aim for $849 to remain competitive. Acquisition costs are reasonable at a median home value of $209,782, making it an affordable market entry point. Tenant demand is moderate, with 22.1% of the 3,681 residents being renters, providing a reliable base of potential occupants. Overall, Richfield Springs offers a balanced opportunity for real estate investment, particularly for those focused on steady returns rather than rapid appreciation or high rental yields.
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.