Location: Otsego County, NY | Metro: Otsego County, NY
| Unit Size | Monthly FMR |
|---|---|
| Studio | $880 |
| 1 Bedroom | $990 |
| 2 Bedrooms | $1,270 |
| 3 Bedrooms | $1,510 |
| 4 Bedrooms | $1,700 |
| 5 Bedrooms | $1,972 |
| 6 Bedrooms | $2,209 |
| 7 Bedrooms | $2,386 |
| 8 Bedrooms | $2,505 |
U.S. Census Bureau data (2024)
The market snapshot for ZIP code 13450 reveals a unique set of conditions that frame it as an area in motion. The Fair Market Rent (FMR) stands at $1,270, which is the figure set by HUD for the fiscal year 2026. This FMR is indicative of the rental cost threshold for a household to be considered cost-burdened, spending more than 30% of their income on rent.
Notably, the market rent is currently listed as N/A, suggesting that there might be limited recent data available on actual rents charged in the area. This could imply either a lack of rental activity or a relatively new or evolving rental market. The median home value of $178,004 indicates a stable but modest residential property market, which may appeal to first-time buyers and investors looking for entry-level properties.
The absence of a percentage for price-cut share and days on market (DOM) suggests that there is little turnover in the market, pointing towards a scenario where supply is tightly balanced with demand. This equilibrium can create a stable market environment, but it also means that any significant change in supply or demand could disrupt this balance.
A striking feature of this ZIP code's snapshot is the 0.0% renter share, indicating that virtually all households are homeowners. This low renter share implies that the area is less prone to short-term fluctuations in rental demand and more focused on long-term housing stability. However, it also signals a potential long-term housing pressure, as new residents or those seeking to move into the area would likely face challenges finding rental units, potentially driving up home ownership rates further.
In summary, ZIP 13450 presents a market characterized by a high degree of home ownership and a modest median home value. The FMR provides a benchmark for affordability, while the unknowns regarding market rent and property turnover suggest a market that is well-balanced but ripe for observation as it evolves. Landlords and small-portfolio investors should consider these dynamics when evaluating opportunities 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.