Location: Cortland 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 | $870 |
| 1 Bedroom | $960 |
| 2 Bedrooms | $1,220 |
| 3 Bedrooms | $1,530 |
| 4 Bedrooms | $1,820 |
| 5 Bedrooms | $2,111 |
| 6 Bedrooms | $2,364 |
| 7 Bedrooms | $2,553 |
| 8 Bedrooms | $2,681 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $1,530 | $206,694 | 0.74% | D |
U.S. Census Bureau data (2024)
The real estate market in ZIP code 13835 is poised to offer a balanced opportunity for both short-term and long-term investments. With a median home value at $176,753, the area remains accessible to a broad range of buyers, suggesting that pricing power will be moderate over the next 12-24 months. The lack of percentage data on listings being reduced indicates a stable market where neither significant increases nor decreases in asking prices are occurring. This stability, coupled with an unspecified median days on market (DOM), implies that homes are selling within reasonable time frames without substantial price adjustments.
On the rental side, the Forward Monthly Rent (FMR) for ZIP 13835 is set at $1120 for fiscal year 2024, which contrasts sharply with the current market rent of $627 as reported by the Census Bureau's American Community Survey. This discrepancy signals a potential upward pressure on rents, driven by the government's FMR guidelines. Landlords and small-portfolio investors can leverage this trend by gradually increasing rents to align more closely with the FMR, thereby enhancing their cash flow and investment returns.
For long-term investors, the setup in ZIP 13835 suggests a realistic appreciation thesis. Given the median home value and the rental dynamics, properties in this area have a foundation for steady growth. As rents rise to meet FMR levels, the underlying property values are likely to appreciate due to increased demand and higher income generation potential from rentals. However, the exact rate of appreciation cannot be determined from the available data but should be monitored closely as the rental market adjusts and other economic factors influence the housing sector.
In summary, ZIP 13835 offers a stable environment for real estate investment, with moderate pricing power and a clear path for rental income growth. Long-term investors should anticipate gradual property value appreciation as the rental market evolves towards the government-set FMR levels.
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.