Location: Otsego County, NY | Metro: Chenango County, NY
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 | $810 |
| 1 Bedroom | $870 |
| 2 Bedrooms | $1,110 |
| 3 Bedrooms | $1,370 |
| 4 Bedrooms | $1,510 |
| 5 Bedrooms | $1,752 |
| 6 Bedrooms | $1,962 |
| 7 Bedrooms | $2,119 |
| 8 Bedrooms | $2,225 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,110 | $166,188 | 0.67% | D |
| 3BR | $1,370 | $189,741 | 0.72% | D |
| 4BR | $1,510 | $220,520 | 0.68% | D |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 13843, which includes Gilbertsville, NY, is set at $1,070 for the fiscal year 2026. This figure represents the payment standard for Section 8 housing assistance in the area, meaning that if you participate in the program, you will receive this amount per month from the government to cover rent for eligible tenants. It's important to note that this is not the rent you can charge; it's the maximum amount the government will pay.
In comparison, the average rent in Gilbertsville, NY, based on recent Census American Community Survey (ACS) data, is $771. This indicates that the FMR is higher than the current market rate, potentially offering landlords a better return on investment than they might get from renting to non-assisted tenants.
The local renter share stands at 11.8%, suggesting that there is a modest but steady demand for rental properties in the area. While this percentage may seem low, it translates into a significant number of potential tenants who could benefit from Section 8 assistance, making it a viable option for landlords looking to fill vacancies.
If you're considering purchasing a property to use as a Section 8 rental, be aware that the median home value in Gilbertsville, NY, is approximately $174,104. This figure should be used to evaluate the acquisition cost and determine whether the monthly FMR of $1,070 provides a reasonable return on your investment over time.
Before you decide to participate in the Section 8 program, verify that the property meets all local housing quality standards (HQS). These standards ensure that the rental unit is safe, decent, and sanitary for tenants, and failing to meet them can result in penalties or loss of tenancy.
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.