Section 8 Fair Market Rent (FMR) for ZIP 13730 - 2027

Location: Chenango County, NY | Metro: Binghamton, NY MSA

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$850
1 Bedroom	$850
2 Bedrooms	$1,010
3 Bedrooms	$1,410
4 Bedrooms	$1,520
5 Bedrooms	$1,763
6 Bedrooms	$1,975
7 Bedrooms	$2,133
8 Bedrooms	$2,240

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

2,679

Median Household Income

$53,348

Housing Units

1,563

Renter Percentage

29.0%

Occupancy Rate

81.3%

Renter Occupied

368

Housing Authorities Serving ZIP 13730

Binghamton Housing Authority (Binghamton, NY) - 845 Section 8 vouchers
Town of Union Community Development (Endwell, NY) - 528 Section 8 vouchers
Norwich Housing Authority (Norwich, NY) - 207 Section 8 vouchers

A decision to invest in ZIP 13770 (Afton, NY) for Section 8 properties hinges on several key factors.

1) Debt Service Coverage: The Fair Market Rent (FMR) of $950 per month does not sufficiently cover the debt service on a property valued at $167,355. Assuming typical financing terms, the monthly mortgage payment would likely exceed this amount, making it financially unviable without additional subsidies or higher rents.

2) Market Rent Comparison: The market rent of $862 is below the FMR of $950. This indicates that landlords participating in the Section 8 program could potentially charge slightly more than the market rate, which might help offset the higher debt service costs if they were covered.

3) Rental Demand Analysis: In ZIP 13770, 29.0% of residents are renters, but the lack of data on Days on Market (DOM) makes it difficult to assess the urgency of rental demand. Even with a significant portion of residents renting, the absence of timely rental listings suggests a steady but not high demand environment.

If your primary goal is to ensure that your rental income covers the mortgage payments, the answer is No. The FMR of $950 is insufficient to clear the debt service on a property priced at $167,355.
If you are willing to supplement the rental income with other sources to meet debt obligations, the answer becomes It Depends. The market rent being below the FMR means you can potentially leverage the Section 8 program to charge closer to the FMR, enhancing your income potential.
Regarding rental demand, with 29.0% of residents as renters, there is a base level of demand. However, the missing DOM data complicates a definitive assessment. Without knowing how quickly properties are rented, it's hard to predict the stability of occupancy rates.

In conclusion, while the market conditions in Afton, NY suggest a below-FMR market rent that could be increased through Section 8 participation, the primary concern remains the ability to cover debt service with only $950 in monthly rental income. Therefore, unless you can secure additional financial support or have a different investment strategy, purchasing a property in ZIP 13770 for Section 8 purposes is not advisable due to the mismatch between rental income and debt obligations.

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.