Section 8 Fair Market Rent (FMR) for ZIP 13459 - 2027
Location: Otsego County, NY | Metro: Albany-Schenectady-Troy, NY MSA
FY 2027 Fair Market Rent Rates
| 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 |
Demographics & Housing Statistics
U.S. Census Bureau data (2024)
Median Household Income
$65,893
Housing Authorities Serving ZIP 13459
Sharon Springs, NY, located in ZIP code 13459, is a quaint village known for its natural mineral springs and historic charm. This area offers a unique opportunity for real estate investors interested in the Section 8 housing market, given its specific rental dynamics and property values.
- The Fair Market Rent (FMR) for ZIP 13459 in fiscal year 2024 is set at $1,190. This figure represents the maximum amount that landlords can charge for a two-bedroom apartment under the Section 8 program, ensuring a stable income stream.
- The average market rent for properties in Sharon Springs is $1,132, according to recent Census American Community Survey (ACS) data. This indicates that the FMR aligns closely with market rates, providing landlords with a competitive edge while still being eligible for the Section 8 program.
- The median home value in ZIP 13459 stands at $222,537. This suggests that there is a balance between property acquisition costs and potential rental income, making it feasible for small-portfolio investors to enter the market.
- Renters make up 23.7% of the local population, indicating a moderate demand for rental properties. This percentage also implies that a significant portion of the community owns their homes, which could influence the overall stability of the rental market.
- The median household income in Sharon Springs is $65,893. This figure provides insight into the financial capacity of potential tenants, suggesting that they are likely to meet the income requirements for the Section 8 program.
- The Days on Market (DOM) data is currently not available. However, given the niche nature of Sharon Springs and its reliance on tourism, this could indicate that rental properties move quickly once listed, especially during peak seasons.
In summary, Sharon Springs presents a viable investment opportunity for those considering the Section 8 market. The alignment of FMR with market rents ensures competitiveness, while the median home value supports a reasonable cost-to-income ratio. With a moderate renter share and a steady median income, the area is well-suited for landlords looking to secure a stable tenant base through the Section 8 program. Although specific DOM data is lacking, the quick turnover often seen in tourist areas suggests that rental properties will be occupied promptly, minimizing vacancy periods and maximizing returns.
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.