Location: Binghamton, 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 | $1,000 |
| 1 Bedroom | $1,120 |
| 2 Bedrooms | $1,430 |
| 3 Bedrooms | $1,800 |
| 4 Bedrooms | $2,080 |
| 5 Bedrooms | $2,413 |
| 6 Bedrooms | $2,703 |
| 7 Bedrooms | $2,919 |
| 8 Bedrooms | $3,065 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,430 | $178,498 | 0.8% | C |
| 3BR | $1,800 | $246,069 | 0.73% | D |
| 4BR | $2,080 | $356,323 | 0.58% | F |
| 5BR | $2,413 | $445,280 | 0.54% | F |
U.S. Census Bureau data (2024)
The ZIP code 13850, located in Vestal, NY, is a moderate renter-heavy area with a population of 23,689, where 23.8% of residents are renters. This indicates that there is a decent tenant pool available for landlords and small-portfolio investors. However, it's not dominated by renters, suggesting that the demand for housing vouchers under the Section 8 program might be moderate rather than deep.
The median household income in Vestal is $83,403, which provides a benchmark for assessing the affordability of rents. The typical market rent of $1,199 represents approximately 14.4% of the median income when calculated on an annual basis. This percentage aligns well with general affordability standards, making it reasonable for many households to cover rent without significant financial strain.
Comparing the market rent to the Fair Market Rent (FMR) set at $1,330 for FY 2024, we see that the actual market rent is slightly below the FMR. This suggests that landlords in Vestal can potentially attract tenants with Section 8 vouchers, although they may need to adjust their rental prices closer to the FMR to fully utilize these vouchers.
A landlord in Vestal should expect a mix of tenants, including those who may use Section 8 vouchers, but the overall demand for such assistance is likely to be lower due to the higher median income compared to national averages. Tenants will generally be able to afford rent without needing extensive subsidies, though some may still qualify based on individual circumstances.
To summarize, Vestal offers a balanced environment for landlords, with a sufficient number of renters and a manageable level of voucher demand. The local economy supports rent levels that are relatively affordable for most residents, ensuring a steady stream of potential tenants.
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.