Location: Binghamton, NY | Metro: Binghamton, NY MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $850 |
| 1 Bedroom | $960 |
| 2 Bedrooms | $1,220 |
| 3 Bedrooms | $1,540 |
| 4 Bedrooms | $1,770 |
| 5 Bedrooms | $2,053 |
| 6 Bedrooms | $2,299 |
| 7 Bedrooms | $2,483 |
| 8 Bedrooms | $2,607 |
The renter's perspective in ZIP code 13848, located in Unknown, NY, reveals a significant challenge in affording housing at the current market rate. The median income data is currently unavailable, making it difficult to assess the average household's financial capacity. However, the market rate rent is also listed as N/A, which suggests that there is limited information on typical rental prices in this area.
In contrast, the Fair Market Rent (FMR) set by the U.S. Department of Housing and Urban Development for ZIP 13848 in fiscal year 2024 is $1140. This figure represents the maximum amount that a Section 8 voucher holder would be able to pay towards their rent. Given the lack of specific market rate data, it is unclear how this compares to actual rents, but it provides a benchmark for affordable housing.
The percentage of renters and the total population in ZIP 13848 are also marked as N/A, indicating incomplete data. Nevertheless, understanding the affordability gap is crucial for landlords and small-portfolio investors. If the market rate rent exceeds the FMR of $1140, it means that many renters may struggle to find suitable housing without assistance, leading to increased competition among landlords who accept vouchers.
Takeaway: For landlords considering whether to accept voucher tenants or focus on cash-paying residents, the key point is the potential affordability gap. Accepting vouchers could ensure steady, government-backed rental income, particularly if the local market rate significantly surpasses the FMR. On the other hand, targeting cash-paying tenants might require setting competitive rates below or around the $1140 mark to attract and retain residents in an area where income levels are uncertain. Landlords should monitor local rental trends and consider the balance between voucher reliability and the potential for higher cash rents.
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.