Location: Chenango County, 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 | $770 |
| 1 Bedroom | $800 |
| 2 Bedrooms | $1,010 |
| 3 Bedrooms | $1,310 |
| 4 Bedrooms | $1,490 |
| 5 Bedrooms | $1,728 |
| 6 Bedrooms | $1,935 |
| 7 Bedrooms | $2,090 |
| 8 Bedrooms | $2,195 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,010 | $151,393 | 0.67% | D |
| 3BR | $1,310 | $210,198 | 0.62% | D |
| 4BR | $1,490 | $242,871 | 0.61% | D |
U.S. Census Bureau data (2024)
The economics of Section 8 in ZIP 13787, Harpursville, NY, within Broome County, are straightforward when analyzed with the specific figures provided. For a two-bedroom apartment, the SAFMR (Small Area Fair Market Rent) for FY 2024 is set at $910. This SAFMR figure is crucial because it is specifically tailored for this ZIP code, reflecting the unique rental market conditions here.
Local market rent, however, is considerably lower at $690, according to the Census ACS data. This discrepancy between the SAFMR and the actual market rent can be significant for landlords considering participation in the Section 8 program. When a tenant uses a Section 8 voucher, they are responsible for paying a portion of the rent based on their income, typically around 30% of their adjusted monthly income. The government then covers the difference up to the SAFMR limit of $910.
To illustrate how this works in practice, let's assume a tenant has an adjusted monthly income of $1,000. Their contribution towards rent would be approximately $300 (30% of $1,000). If you, as a landlord, charge the SAFMR rate of $910, the government would pay the remaining $610 ($910 - $300). However, if your local market rent is only $690, the government will still only pay up to the SAFMR limit minus the tenant's contribution, meaning you would receive $690 in total, with the government covering $390 ($690 - $300).
It's important to note that Section 8 vouchers also include utility allowances, which can vary but are typically a fixed amount per unit. These allowances do not increase your overall rental income but can reduce the financial burden on tenants, making it easier for them to meet their rent obligations.
In summary, for a two-bedroom apartment in ZIP 13787, the SAFMR is higher than the local market rent, creating a scenario where landlords might not fully utilize the SAFMR rate. Given the local market rent of $690, the typical reimbursement gap for a landlord participating in the Section 8 program would be a surplus of $390 per month, assuming the tenant's contribution is $300. This surplus reflects the difference between the local market rent and the tenant's contribution, with the government making up the rest.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-08-31). 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.