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 ZIP code 13851 lacks comprehensive demographic data, which makes it challenging to provide a detailed analysis. However, based on the available information, we can infer some key points about the suitability of this area for landlords interested in Section 8 tenants.
The median household income is not specified, but we can compare the Fair Market Rent (FMR) of $1140 for FY 2024 against typical market rents. If the local market rent is close to or below the FMR, then landlords may find that a significant portion of the population qualifies for Section 8 housing assistance.
To understand the impact of income on rent affordability, consider that if the median household income were around $30,000, a market rent of $1140 would represent approximately 45% of monthly income. This is a substantial amount and suggests that many residents might rely on rental assistance programs to afford housing.
Without the exact percentage of renters, it's difficult to determine whether ZIP 13851 is dominated by homeowners or renters. However, areas with higher percentages of renters tend to have greater demand for Section 8 vouchers. If the rental rate is high, then there is likely a robust tenant pool that includes individuals who depend on housing subsidies.
Landlords in ZIP 13851 should anticipate a mix of tenants, including those who may require Section 8 vouchers due to the potential alignment between local rents and the FMR. It's crucial to stay informed about the local rental market and income levels to make strategic decisions regarding property investments and tenant selection.
In summary, while specific figures are unavailable, the reliance on Section 8 vouchers could be considerable if the local rent aligns with the FMR. Landlords should prepare for a tenant base that may include individuals seeking financial assistance to cover their housing costs.
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.