Location: Binghamton, NY | Metro: Binghamton, NY MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $840 |
| 1 Bedroom | $940 |
| 2 Bedrooms | $1,200 |
| 3 Bedrooms | $1,510 |
| 4 Bedrooms | $1,740 |
| 5 Bedrooms | $2,018 |
| 6 Bedrooms | $2,260 |
| 7 Bedrooms | $2,441 |
| 8 Bedrooms | $2,563 |
The HUD Fair Market Rent (FMR) for ZIP 13840 is set at $1,140 for fiscal year 2024. However, specific market rent figures for ZIP 13840 were not found in the recent searches. To determine the cash flow potential for voucher tenants, we need to compare the HUD FMR against the actual market rents. Given that market rent data is currently unavailable, it's difficult to conclusively state whether voucher tenants would cashflow at FMR, marginally, or only with premium units.
The median home value for ZIP 13840 was also not available through recent searches. Without this figure, deriving a precise rent-to-price ratio is challenging. However, it's important to note that the rent-to-price ratio helps investors understand the relative cost of renting versus buying a home. In areas where the median home value is significantly higher than the median rent, the rent-to-price ratio might be lower, indicating that renting is more economical compared to owning.
Regarding days on market (DOM) and price-cut share, these metrics typically help gauge the health of the local real estate market. Since this information was not available for ZIP 13840, we cannot provide insights into how long properties stay on the market or how often sellers adjust their asking prices. These factors can influence the rent-versus-buy dynamics, affecting both rental and home purchase decisions.
In conclusion, based on the available data, the strongest angle for investors in ZIP 13840 appears to be stability. The consistent HUD FMR and lack of fluctuating market rent figures suggest a predictable environment, which can be advantageous for investors seeking steady cash flow and minimal risk.
Data Sources: FMR data from HUD (2027).
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.