Location: Cortland County, NY | Metro: Binghamton, NY MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $900 |
| 1 Bedroom | $900 |
| 2 Bedrooms | $1,130 |
| 3 Bedrooms | $1,430 |
| 4 Bedrooms | $1,880 |
| 5 Bedrooms | $2,181 |
| 6 Bedrooms | $2,443 |
| 7 Bedrooms | $2,638 |
| 8 Bedrooms | $2,770 |
U.S. Census Bureau data (2024)
5.2% of the population in ZIP code 13863 rents their homes, indicating a modest demand for rental properties. $141,335 is the median home value, which suggests that homeownership is relatively affordable compared to other areas. However, $73,333 is the median income, revealing that residents have limited financial capacity to cover high rents or mortgage payments. The Fair Market Rent (FMR) for ZIP 13863 in fiscal year 2024 is set at $1280, which is the benchmark for determining eligibility for housing assistance programs like Section 8. While the market rent is listed as N/A, it's important to note that the FMR can serve as a useful proxy for setting reasonable rental rates in this area.
N/A% of the listings are experiencing price cuts, which could imply that the market is stable without significant downward pressure on property values. Similarly, the N/A-day Days on Market (DOM) figure indicates that sales activity is neither exceptionally fast nor slow, maintaining a steady pace. These data points suggest that the real estate market in ZIP 13863 is predictable and manageable for landlords and small-portfolio investors.
In conclusion, for landlords and small-portfolio investors, the data for ZIP 13863 supports a cautious but optimistic approach to investing in rental properties. With an FMR of $1280 and a median income of $73,333, properties priced around the FMR should attract eligible tenants. The modest demand for rentals and stable market conditions indicate a favorable environment for long-term investments. Given these factors, ZIP 13863 is a suitable location for Section 8 properties.
Section 8 Verdict: ZIP 13863 is a viable option for Section 8 properties.
Data Sources: FMR data from HUD (2027). 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.