Section 8 Fair Market Rent (FMR) for ZIP 13736 - 2027

Location: Ithaca, NY | Metro: Binghamton, NY MSA

Investment Score for ZIP 13736

Monthly Rent (2BR)

$1,580

Median Price (2BR)

$165,888

1% Rule

0.95%

Annual Yield

11.43%

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	$1,140
1 Bedroom	$1,320
2 Bedrooms	$1,580
3 Bedrooms	$1,900
4 Bedrooms	$2,370
5 Bedrooms	$2,749
6 Bedrooms	$3,079
7 Bedrooms	$3,325
8 Bedrooms	$3,491

Investment Analysis by Bedroom Size

Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)

Bedrooms	Monthly FMR	Median Price	1% Rule	Grade
2BR	$1,580	$165,888	0.95%	C
3BR	$1,900	$200,360	0.95%	C
4BR	$2,370	$253,127	0.94%	C

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

1,936

Median Household Income

$65,880

Housing Units

882

Renter Percentage

13.5%

Occupancy Rate

87.4%

Renter Occupied

104

Berkshire, NY, located in ZIP code 13736, is a small town that offers a unique blend of rural charm and accessibility to larger urban centers. The real estate market here reflects a balance between affordable living and the need for rental properties that cater to the local workforce and families. This analysis provides key insights into the rental market dynamics, helping landlords and small-portfolio investors make informed decisions.

The Fair Market Rent (FMR) for ZIP 13736 in fiscal year 2024 is set at $1,340, indicating the government's benchmark for rental pricing in the area.
The actual market rent, based on recent Census American Community Survey (ACS) data, stands at $1,183. This suggests that the current market conditions slightly undercut the FMR, offering a realistic range for rental pricing.
The median home value in Berkshire is $183,276, which is relatively low compared to neighboring areas, making it an attractive option for first-time buyers and investors looking for entry-level opportunities.
Renters make up 13.5% of the population, a figure that highlights the importance of rental properties in the local housing mix but also indicates a smaller demand relative to homeownership.
The median household income in the area is $65,880, providing a context for the financial capabilities of potential tenants and buyers.

Synthesizing these points, Berkshire presents a modest yet stable rental market. Investors should align their rental pricing closely with the market rate of $1,183 to attract tenants, while keeping an eye on the FMR of $1,340 as a long-term target. With a median home value of $183,276 and a median income of $65,880, there is a good match between affordability and earning power, suggesting that both renters and buyers can find suitable options in the area. However, the lower renter share of 13.5% implies a competitive landscape for rental properties, necessitating well-maintained and reasonably priced units to succeed. Overall, Berkshire offers a solid investment opportunity for those who are willing to focus on quality and strategic pricing.

Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-07-31). 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.