Location: Binghamton, NY | Metro: Binghamton, NY MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $850 |
| 1 Bedroom | $960 |
| 2 Bedrooms | $1,220 |
| 3 Bedrooms | $1,540 |
| 4 Bedrooms | $1,770 |
| 5 Bedrooms | $2,053 |
| 6 Bedrooms | $2,299 |
| 7 Bedrooms | $2,483 |
| 8 Bedrooms | $2,607 |
1140 is the Fair Market Rent (FMR) for ZIP code 13749 as of fiscal year 2024, indicating the maximum amount Section 8 participants can be charged for a two-bedroom apartment. This figure stands alone as the only concrete data point available for this area, leaving several other metrics unspecified. The lack of detailed market rent data suggests that the local rental market may not be extensively tracked or analyzed, which could present both opportunities and challenges for investors. With the median home value also unreported, it's difficult to assess the overall property values in the area. However, the absence of such figures does not necessarily mean low value; it could simply reflect a less active real estate market. The unknown percentage of renters in the area implies that there is a significant portion of the population that relies on rental housing, making it potentially attractive for landlords. The median income data being unavailable means that the financial stability of potential tenants cannot be directly assessed, but given the FMR, it's reasonable to infer that the local economy supports housing at this level. The unspecified days on market (DOM) and price-cut share percentages suggest that the dynamics of property sales in this region are not well documented, possibly due to a slower pace of transactions. For landlords and small-portfolio investors, the clarity around the FMR is crucial, as it sets the upper limit for rental income when dealing with Section 8 participants. In conclusion, while specific market data is lacking, the presence of a defined FMR at 1140 makes ZIP 13749 a viable option for those interested in Section 8 properties.
Data Sources: FMR data from HUD (2027).
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.