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 | $720 |
| 1 Bedroom | $790 |
| 2 Bedrooms | $1,010 |
| 3 Bedrooms | $1,290 |
| 4 Bedrooms | $1,480 |
| 5 Bedrooms | $1,717 |
| 6 Bedrooms | $1,923 |
| 7 Bedrooms | $2,077 |
| 8 Bedrooms | $2,181 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $1,290 | $204,896 | 0.63% | D |
| 4BR | $1,480 | $224,235 | 0.66% | D |
U.S. Census Bureau data (2024)
The market in ZIP code 13797 presents a dynamic equilibrium between supply and demand, with specific indicators pointing towards a scenario where demand is slightly outpacing supply. The Fair Market Rent (FMR) for the area stands at $970 for fiscal year 2024, while the market rent as reported by the Census American Community Survey (ACS) is currently at $755. This discrepancy suggests that landlords and small-portfolio investors could potentially see upward pressure on rental rates, as the government's benchmark for fair rents exceeds the current market average.
The median home value in the area is $184,584, which is a critical figure for understanding the overall cost of living and property values. While the percentage of price-cut share and days on market (DOM) are not available, the lower market rent compared to the FMR implies that there might be some negotiation room for tenants, but it also indicates a potential for growth in rental prices if demand continues to rise.
A key factor in this market is the 25.0% renter share, which is indicative of long-term housing pressure. With a quarter of the population renting, there is an ongoing need for rental properties, which can sustain and even increase rental demand over time. This statistic suggests that the rental market will likely remain robust, providing steady income opportunities for investors who focus on rental properties.
In summary, ZIP 13797 appears to be a market where demand is currently strong relative to supply, with potential for rental rates to approach the FMR level. The significant renter share points to a sustained need for rental properties, making it a favorable environment for landlords and small-portfolio investors looking to capitalize on the current dynamics without speculative forecasting.
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.