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 | $930 |
| 1 Bedroom | $1,040 |
| 2 Bedrooms | $1,330 |
| 3 Bedrooms | $1,680 |
| 4 Bedrooms | $1,930 |
| 5 Bedrooms | $2,239 |
| 6 Bedrooms | $2,508 |
| 7 Bedrooms | $2,709 |
| 8 Bedrooms | $2,844 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,330 | $145,713 | 0.91% | C |
| 3BR | $1,680 | $167,772 | 1% | B |
| 4BR | $1,930 | $200,888 | 0.96% | C |
| 5BR | $2,239 | $222,603 | 1.01% | B |
U.S. Census Bureau data (2024)
The economics of Section 8 in ZIP code 13790, which includes Johnson City, NY in Broome County, are straightforward. The SAFMR (Small Area Fair Market Rent) for a two-bedroom apartment in this specific ZIP code for fiscal year 2024 is set at $1180. This SAFMR represents the maximum amount that the Housing Choice Voucher program will pay towards rent. However, it's important to note that this figure does not include the tenant's contribution or utility allowances.
The local market rent, as measured by ZORI (Zillow Observed Rent Index), is slightly higher at $1,195. This indicates that the SAFMR is very close to the actual market rates, which can be beneficial for landlords participating in the program.
A voucher payment consists of two parts: the government subsidy and the tenant's contribution. The tenant is required to pay 30% of their adjusted income towards rent. For instance, if a tenant's adjusted income is $1,000 per month, they would contribute $300 towards the rent. The government then covers the difference between the tenant's contribution and the SAFMR. In this case, the government would reimburse the landlord $880.
Utility allowances are also factored into the total compensation. These allowances vary but are typically around $200-$300 per month. Therefore, the total reimbursement to the landlord could range from $1080 to $1180 per month for a two-bedroom unit.
Given that the local market rent is $1,195, the typical reimbursement gap for a landlord in ZIP 13790 would be about $15-$155 per month, depending on the exact utility allowance provided. This means that landlords might receive slightly less than the market rate, but the gap is minimal compared to other areas where the SAFMR or FMR might be significantly lower than market rents.
To summarize, landlords in ZIP 13790 can expect a voucher reimbursement of around $1080 to $1180 for a two-bedroom apartment, considering the tenant's contribution and utility allowances. With the local market rent at $1,195, there is a small reimbursement gap, ensuring that landlords are not overly disadvantaged by participating in the Section 8 program.
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.