Section 8 Fair Market Rent (FMR) for ZIP 13731 - 2027

Location: Delaware County, NY | Metro: Kingston, NY MSA

Investment Score for ZIP 13731

Monthly Rent (2BR)

$1,640

Median Price (2BR)

$334,311

1% Rule

0.49%

Annual Yield

5.89%

Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$1,180
1 Bedroom	$1,250
2 Bedrooms	$1,640
3 Bedrooms	$2,030
4 Bedrooms	$2,170
5 Bedrooms	$2,517
6 Bedrooms	$2,819
7 Bedrooms	$3,045
8 Bedrooms	$3,197

Investment Analysis by Bedroom Size

Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)

Bedrooms	Monthly FMR	Median Price	1% Rule	Grade
2BR	$1,640	$334,311	0.49%	F
3BR	$2,030	$406,595	0.5%	F
4BR	$2,170	$512,766	0.42%	F

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

1,038

Median Household Income

$73,750

Housing Units

1,160

Renter Percentage

13.1%

Occupancy Rate

46.9%

Renter Occupied

In ZIP 13731, which encompasses Andes, NY, in Delaware County, the economics of Section 8 housing vouchers can be quite different from the broader local market rent. For a two-bedroom apartment, the SAFMR (Small Area Fair Market Rent) for FY 2024 is set at $1700, specifically for this ZIP code. This contrasts sharply with the local market rent, which averages $967 according to the Census ACS.

The SAFMR is the maximum amount that a Section 8 Housing Choice Voucher will pay towards the rent of a unit. However, it's crucial to understand that the actual reimbursement to landlords is influenced by several factors including the tenant's contribution and utility allowances. Here’s a breakdown:

Tenant Contribution: Typically, tenants must pay 30% of their adjusted income toward rent. If we assume an average adjusted income that would result in a $510 monthly payment from the tenant, this figure is subtracted from the SAFMR.
Utility Allowances: Utility allowances vary but are generally around $200-$300 per month. These allowances do not directly affect the landlord's rental income but can impact the overall financial picture for the tenant.

To illustrate, if the SAFMR is $1700 and the tenant contributes $510, the voucher program would cover the remaining $1190. Therefore, landlords receive a total of $1700 ($510 from the tenant + $1190 from the voucher).

Given the local market rent of $967, landlords participating in the Section 8 program in ZIP 13731 would see a significant surplus on a two-bedroom unit. The difference between the SAFMR and the local market rent is $733, meaning landlords could collect over $700 more than the average market rent for similar units in the same area.

This economic scenario presents an opportunity for landlords and small-portfolio investors to secure steady rental income that exceeds the typical market rates. It also allows for greater predictability in cash flow management, as the government guarantees the subsidy portion of the rent.

Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-08-31). 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.