Section 8 Fair Market Rent (FMR) for ZIP 13746 - 2027

FY 2027 Fair Market Rent Rates

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Housing Authorities Serving ZIP 13746

• 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

To decide whether to invest in ZIP 13746 (Chenango Forks, NY) for Section 8 properties, follow this decision tree:

• Does FMR $1040 (ZIP FY 2024) clear debt service on a $189,434 property?
  • If yes: The Fair Market Rent (FMR) of $1040 for the fiscal year 2024 is sufficient to cover the debt service on a property valued at $189,434. This indicates that landlords can expect stable income from Section 8 tenants without financial strain.
  • If no: The FMR of $1040 does not sufficiently cover the debt service on a property priced at $189,434. Landlords will need to consider additional sources of income or lower their purchase price expectations to ensure financial viability.
• Is market rent $796 (Census ACS) above, at, or below FMR?
  • If above: The market rent of $796 is below the FMR of $1040, indicating that landlords participating in the Section 8 program could potentially command higher rents compared to the general market. This suggests a positive outlook for landlords willing to enter the program.
  • If at: The market rent aligns with the FMR, which means landlords might find it challenging to differentiate their rental rates significantly from the market average. However, they can still benefit from the stability offered by Section 8 tenants.
  • If below: The market rent is already below the FMR, which could mean that landlords might struggle to attract non-Section 8 tenants due to pricing. Participation in the Section 8 program would then be more attractive for securing a steady tenant base.
• Are 13.8% renters + N/A-day DOM enough demand?
  • If yes: With 13.8% of the population being renters and a day DOM (Days on Market) figure that is not applicable (N/A), there is enough demand to sustain a Section 8 investment. This percentage of renters suggests a viable market for rental properties, especially when considering the stability of Section 8 tenants.
  • If no: The 13.8% renter rate might not be considered high enough to support a significant rental investment. However, the N/A DOM figure implies that either rental listings are rare, or they are quickly rented out, which could still indicate strong demand. Further investigation into local rental trends is recommended.
  • If it depends: The 13.8% renter rate is moderate and could support a Section 8 investment if the area has a high demand for affordable housing. The lack of DOM data makes it difficult to assess how quickly rentals are occupied. Therefore, the decision to invest should be based on other factors such as the stability of Section 8 funding and the landlord's ability to manage a diverse portfolio.

The analysis shows that ZIP 13746 offers a mixed picture for Section 8 investments. Landlords must weigh the financial stability provided by the FMR against the potential challenges of market rent levels and rental demand.

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.