Location: Binghamton, NY | Metro: Binghamton, NY MSA
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 | $1,120 |
| 1 Bedroom | $1,260 |
| 2 Bedrooms | $1,610 |
| 3 Bedrooms | $2,030 |
| 4 Bedrooms | $2,340 |
| 5 Bedrooms | $2,714 |
| 6 Bedrooms | $3,040 |
| 7 Bedrooms | $3,283 |
| 8 Bedrooms | $3,447 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,610 | $151,661 | 1.06% | B |
| 3BR | $2,030 | $198,446 | 1.02% | B |
| 4BR | $2,340 | $236,528 | 0.99% | C |
U.S. Census Bureau data (2024)
With a Fair Market Rent (FMR) set at $1220 for ZIP code 13748 (Conklin, NY) in fiscal year 2024, landlords can expect to receive a significant portion of this amount from the government for eligible tenants under the Section 8 program. The actual market rent, as reported by the Census ACS, stands at $807, indicating a substantial gap between what the government deems as fair and the current market rates. This discrepancy offers a clear opportunity for landlords to maximize their rental income through participation in the Section 8 program.
The median home value in Conklin is $186,143, which suggests that homeownership is relatively affordable compared to other areas. However, with 21.6% of residents being renters, there is a notable segment of the population that relies on rental properties, making it a viable investment option for those interested in the rental market. The median income of $62,125 provides insight into the economic profile of the area, suggesting that while not high, it supports a steady demand for rental housing.
Although the days on market (DOM) and the percentage of price-cut share are not available, these missing figures could imply a stable market where rental units are quickly filled without the need for significant price adjustments. For landlords, this stability means less risk and potentially higher occupancy rates, which are crucial for maintaining cash flow and profitability.
In conclusion, the combination of a higher FMR compared to the market rent, a reasonable median home value, and a significant renter share makes ZIP 13748 an attractive location for Section 8 investments. The economic conditions support a steady demand for rental housing, and the government's willingness to pay above market rates ensures a solid return on investment for landlords who qualify. Verdict: Favorable for Section 8 investments.
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.