Location: Cortland County, NY | Metro: Cortland County, NY
| Unit Size | Monthly FMR |
|---|---|
| Studio | $930 |
| 1 Bedroom | $930 |
| 2 Bedrooms | $1,160 |
| 3 Bedrooms | $1,460 |
| 4 Bedrooms | $1,940 |
| 5 Bedrooms | $2,250 |
| 6 Bedrooms | $2,520 |
| 7 Bedrooms | $2,722 |
| 8 Bedrooms | $2,858 |
U.S. Census Bureau data (2024)
The economics of Section 8 in ZIP code 13738 are defined by the SAFMR (Small Area Fair Market Rent) for a two-bedroom apartment, which is set at $1,160 per month for fiscal year 2026. This figure represents the maximum amount that the Housing Choice Voucher program will pay towards a landlord's rent. However, it's important to understand how this payment is structured.
A Section 8 voucher is designed to cover the majority of a tenant's rent, but not all of it. The tenant is responsible for paying 30% of their adjusted monthly income toward the rent. For instance, if a tenant's adjusted monthly income is $1,500, they would be required to pay $450 toward the rent. The remaining balance, up to the SAFMR limit, is paid by the government.
In ZIP 13738, the reimbursement to the landlord can be calculated as follows:
To illustrate, let's assume a two-bedroom apartment is rented at the SAFMR of $1,160. If the tenant's contribution is $450, the government will reimburse the landlord $710 ($1,160 - $450). Additionally, the landlord may receive a utility allowance of approximately $300-$350 per month.
The SAFMR of $1,160 applies specifically to this ZIP code, reflecting the unique cost dynamics of the area. It's crucial to note that if the local market rent is higher than the SAFMR, landlords may face a reimbursement gap. Conversely, if the local market rent is lower, landlords might see a surplus. Unfortunately, the local market rent for ZIP 13738 is not available, so we cannot determine whether there is a gap or surplus without additional data.
In conclusion, while the SAFMR provides a clear benchmark for reimbursement, landlords must consider the potential reimbursement gap or surplus when renting to tenants using Section 8 vouchers in ZIP 13738. The actual economic impact will depend on the specific circumstances of each tenant and the prevailing market conditions.
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.