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 | $840 |
| 1 Bedroom | $930 |
| 2 Bedrooms | $1,200 |
| 3 Bedrooms | $1,510 |
| 4 Bedrooms | $1,740 |
| 5 Bedrooms | $2,018 |
| 6 Bedrooms | $2,260 |
| 7 Bedrooms | $2,441 |
| 8 Bedrooms | $2,563 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $1,510 | $238,746 | 0.63% | D |
U.S. Census Bureau data (2024)
A skeptical investor looking at ZIP 13777 might have several concerns regarding the feasibility of investing in properties through the Section 8 program. Let's address these concerns directly with the available data.
Will Fair Market Rent (FMR) of $1110 cover the mortgage on a $208,247 home?
The FMR of $1110 in ZIP 13777 for fiscal year 2024 is a key figure for determining rental income potential. To assess whether this will cover the mortgage on a home valued at $208,247, we must consider the typical mortgage rates and terms. Assuming a standard 30-year fixed-rate mortgage with an interest rate of 4%, the monthly mortgage payment would be approximately $1000. This means that the FMR of $1110 would indeed cover the mortgage payment, leaving a small buffer for additional expenses such as maintenance, property taxes, and insurance. However, it's important to note that if interest rates rise or the home value increases, the mortgage payment could exceed the FMR.
Is there enough renter demand at 12.0%?
The 12.0% represents the percentage of households in ZIP 13777 that are eligible for Section 8 assistance based on income levels. While this figure indicates a moderate level of demand, it does not provide a complete picture of the actual number of renters seeking Section 8 housing. To fully evaluate demand, one would need to look at the total number of households and the waiting list length for local housing authorities. The data does not specify these details, so while 12.0% suggests a viable market, the true demand requires further investigation.
Will vouchers keep pace with market rents?
The data does not provide information on the specific trends of voucher amounts versus market rents in ZIP 13777. However, historically, voucher amounts have struggled to keep up with rising market rents in many areas. If the FMR of $1110 is below the average market rent, landlords might face challenges in covering all operational costs without supplementary income sources. It's crucial for investors to monitor local housing authority policies and adjust their expectations accordingly. Without specific data on how voucher amounts have changed relative to market rents over time, caution is advised.
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.