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 | $1,020 |
| 1 Bedroom | $1,150 |
| 2 Bedrooms | $1,470 |
| 3 Bedrooms | $1,850 |
| 4 Bedrooms | $2,130 |
| 5 Bedrooms | $2,471 |
| 6 Bedrooms | $2,768 |
| 7 Bedrooms | $2,989 |
| 8 Bedrooms | $3,138 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,470 | $152,247 | 0.97% | C |
| 3BR | $1,850 | $181,208 | 1.02% | B |
| 4BR | $2,130 | $206,961 | 1.03% | B |
U.S. Census Bureau data (2024)
1290 is the Fair Market Rent (FMR) for ZIP code 13812, Nichols, NY, for fiscal year 2024, indicating the maximum rental amount allowed under the program. 1263 is the average market rent reported by the Census Bureau's American Community Survey, suggesting that properties priced at the FMR are slightly above the local average. 163440 represents the median home value in the area, which is relatively low compared to national averages, making it an attractive market for first-time buyers and investors alike. 22.5% is the proportion of households renting their homes, a figure that points to a modest but stable rental demand. 82679 is the median household income, which is below the national average, underscoring the need for affordable housing options such as those offered through Section 8. The lack of data on days on market (DOM) and the percentage of price-cut shares indicates that there isn't significant fluctuation or distress in the housing market, suggesting a steady state.
In Nichols, NY, the gap between the FMR and the market rent is minimal, at just $27 per month. This tight margin means that landlords participating in Section 8 can expect to receive rents that are competitive with the local market without the need to significantly undercut their rates. Given the median home value of $163,440, the median income of $82,679 suggests that many residents might find it challenging to secure traditional financing for homeownership, thereby increasing the potential tenant pool for Section 8 properties.
The 22.5% share of renters in the area highlights a segment of the population that is already accustomed to leasing, making it a natural fit for Section 8 participants. While the absence of specific DOM and price-cut data could be seen as a limitation, it also implies a market that isn't experiencing rapid changes, providing some predictability for long-term investments.
Verdict: Nichols, NY, is a viable market for Section 8 investments, offering competitive rents and a stable environment.
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.