Location: Otsego County, NY | Metro: Otsego County, NY
| Unit Size | Monthly FMR |
|---|---|
| Studio | $810 |
| 1 Bedroom | $900 |
| 2 Bedrooms | $1,160 |
| 3 Bedrooms | $1,380 |
| 4 Bedrooms | $1,550 |
| 5 Bedrooms | $1,798 |
| 6 Bedrooms | $2,014 |
| 7 Bedrooms | $2,175 |
| 8 Bedrooms | $2,284 |
U.S. Census Bureau data (2024)
The ZIP code 13457 is not a renter-heavy area, given that only 0.0% of the population are renters. This indicates that it is predominantly a homeowner-dominated area where the demand for housing vouchers such as those provided under the Section 8 program is likely to be scarce.
With a median household income of $45,833, the economic status of the residents in this ZIP code can be assessed against the Fair Market Rent (FMR) of $1,110, which is set for FY 2026 in the metropolitan area. However, without specific data on the market rent for ZIP 13457, we cannot directly calculate the percentage of local income that would typically go towards rent. The FMR figure suggests that if market rents align closely with the FMR, then a substantial portion of the median income could be allocated towards rent, potentially making it challenging for lower-income individuals to afford housing without assistance.
In comparing the median income to the FMR, we see that an individual earning the median income would spend approximately 29% of their monthly income on rent at the FMR rate. This calculation is based on the assumption that the median income is evenly distributed throughout the year, which is not always the case but provides a useful benchmark. It implies that while housing might be affordable for some, others may struggle, especially considering other living expenses.
A landlord in ZIP 13457 should expect tenants who are either fully independent of government assistance or who may require vouchers due to limited financial resources. Given the low percentage of renters, landlords might find themselves catering more to homeowners or facing a market where the demand for rental properties does not significantly rely on Section 8 vouchers. Therefore, focusing on a broader range of potential tenants, including those with higher incomes, could be a strategic approach to ensure steady occupancy and competitive rental rates.
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.