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 |
To profile ZIP code 13845 as a Section 8 tenant pool, we must rely on the available data points. The population and percentage of renters are currently unknown, as are specific figures for median household income and market rent. However, given that the Fair Market Rent (FMR) for the area is set at $1140 for fiscal year 2024, we can infer some aspects of the rental market.
The FMR serves as an important benchmark for understanding the cost of renting in 13845. It indicates that landlords can expect to charge up to $1140 per month for a standard unit without exceeding the fair market value, which is critical for those participating in the Section 8 program. This figure helps in setting reasonable rent prices that align with government subsidies.
Despite the lack of specific income data, it's logical to assume that the typical rent in this area would be a significant portion of the local income. In areas where income data is unavailable, comparing against the FMR can provide insight into the affordability of housing. If the actual market rent closely matches or exceeds the FMR, it suggests that tenants, especially those relying on vouchers, will need to allocate a substantial part of their income towards rent.
Section 8 vouchers are designed to help low-income families afford housing. Landlords in ZIP 13845 should anticipate tenants who have limited financial resources but are committed to paying their rent through a combination of their own income and the voucher subsidy. These tenants will likely be seeking units that do not exceed the FMR of $1140, making it essential for landlords to price accordingly to attract these tenants.
In conclusion, while precise data on the rental population and income levels are not available, the reliance on the FMR provides a clear guideline for pricing and attracting Section 8 tenants. Landlords should prepare for a tenant base that is financially dependent on the voucher system and ensure that their properties offer good value within the constraints of the subsidy limits. This approach will help in maintaining a steady tenancy and compliance with the Section 8 program requirements.
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.