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 | $1,140 |
| 2 Bedrooms | $1,460 |
| 3 Bedrooms | $1,840 |
| 4 Bedrooms | $2,120 |
| 5 Bedrooms | $2,459 |
| 6 Bedrooms | $2,754 |
| 7 Bedrooms | $2,974 |
| 8 Bedrooms | $3,123 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,460 | $154,869 | 0.94% | C |
| 3BR | $1,840 | $214,565 | 0.86% | C |
| 4BR | $2,120 | $249,743 | 0.85% | C |
U.S. Census Bureau data (2024)
The rent math in ZIP 13833 (Port Crane, NY, Binghamton, NY MSA) does not work favorably for landlords. The Fair Market Rent (FMR) for the zip code in fiscal year 2024 is set at $1,420, while the actual market rent based on Census ACS data is only $1,172. This discrepancy means that landlords participating in the Section 8 program might receive higher rents than what the market currently supports, potentially leading to a misalignment between government subsidies and local rental prices.
Acquisition in this area is relatively affordable. The median home value is $195,387, which is below the national average and can be considered a good entry point for small-portfolio investors. However, the lack of data on days on market (DOM) and the percentage of homes sold with a price cut indicates a need for further investigation into the local real estate market dynamics before making investment decisions.
Tenant demand in Port Crane is moderate. With a total population of 4,190 and a renter share of 24.4%, there are approximately 1,020 potential renters. Given the size of the town, this number suggests a stable but limited pool of tenants. Landlords should ensure their properties meet the criteria for Section 8 eligibility to attract these renters effectively.
Verdict: While the higher FMR compared to the market rent offers a financial incentive for landlords in the Section 8 program, the overall demand for rentals is constrained by the small population. Acquisition costs are reasonable, but the absence of key real estate market indicators makes it challenging to predict the ease of selling or renting properties. For small-portfolio investors, the opportunity lies in the potential for higher rental income through Section 8 participation, contingent upon the ability to manage a property in a low-demand environment.
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.