Location: Otsego County, NY | Metro: Chenango County, NY
Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)
| Unit Size | Monthly FMR |
|---|---|
| Studio | $840 |
| 1 Bedroom | $870 |
| 2 Bedrooms | $1,110 |
| 3 Bedrooms | $1,400 |
| 4 Bedrooms | $1,510 |
| 5 Bedrooms | $1,752 |
| 6 Bedrooms | $1,962 |
| 7 Bedrooms | $2,119 |
| 8 Bedrooms | $2,225 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,110 | $150,934 | 0.74% | D |
| 3BR | $1,400 | $185,792 | 0.75% | D |
| 4BR | $1,510 | $211,257 | 0.71% | D |
| 5BR | $1,752 | $233,994 | 0.75% | D |
U.S. Census Bureau data (2024)
In ZIP code 13733, which encompasses Bainbridge in Chenango County and part of Otsego County, NY, the market presents a unique opportunity for Section 8 investors. The HUD Fair Market Rent (FMR) for the metro area in fiscal year 2026 is set at $1,070. This figure is significantly higher than the average market rent reported by the Census Bureau's American Community Survey (ACS), which stands at $908.
The disparity between the HUD FMR and the market rent suggests that voucher tenants will cashflow at FMR, meaning landlords can expect positive cash flow when renting to Section 8 participants at the HUD rate. This is particularly advantageous given the lower market rent, indicating that landlords can potentially earn above-average returns compared to traditional rental income.
The median home value in the area is $167,239, leading to a favorable rent-to-price ratio. This ratio supports the idea that properties in ZIP 13733 are undervalued relative to their potential rental income, making them attractive investment opportunities. Given the N/A-day median days on market (DOM) and N/A% price-cut share, it appears that the local real estate market is stable, with little need for significant price adjustments.
The strongest investor angle in ZIP 13733 is cashflow. With HUD FMRs exceeding market rents, landlords can secure steady, positive cash flow from Section 8 tenants without having to compete with premium units. This makes the area ideal for those seeking reliable rental income from government-assisted housing programs.
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.