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 |
The Section 8 market analysis for ZIP code 13761 in Binghamton, NY, reveals several key points that investors should consider. The Fair Market Rent (FMR) as defined by HUD for this area in fiscal year 2024 is set at $1140. However, due to the lack of available market rent data, it's challenging to directly compare the HUD FMR against current market conditions. This absence of market rent figures suggests that there might be limited competition from private rentals, which could favor landlords who accept vouchers.
Voucher tenants in ZIP 13761 will cashflow at the HUD FMR rate of $1140, assuming they occupy standard units. The lack of specific market rent data means that the FMR provides a reliable benchmark for rental pricing, ensuring that landlords can maintain positive cash flow without necessarily needing to focus on premium units. This scenario is particularly favorable for small-portfolio investors looking to stabilize their income streams with a steady cash flow.
The median home value in ZIP 13761 is also not available, making it difficult to calculate an exact rent-to-price ratio. Nevertheless, the absence of such data might indicate a rental-focused market rather than a homeownership-heavy one, which can be advantageous for investors. Without concrete figures on median days on market (DOM) and the percentage of homes that require price cuts, we cannot make precise statements about the buy-versus-rent dynamics. However, the general trend towards rental stability supports the viability of investing in this area.
The strongest angle for investors in ZIP 13761 is the potential for stability. Given the reliance on voucher programs and the absence of significant competition from market-rate rentals, landlords can expect consistent cash flow and less volatility compared to areas where market rents fluctuate widely. Stability is crucial for long-term investment strategies, especially when targeting a niche like Section 8 tenants, ensuring that investors can plan their finances reliably over time.
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.