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 | $800 |
| 1 Bedroom | $900 |
| 2 Bedrooms | $1,150 |
| 3 Bedrooms | $1,450 |
| 4 Bedrooms | $1,670 |
| 5 Bedrooms | $1,937 |
| 6 Bedrooms | $2,169 |
| 7 Bedrooms | $2,343 |
| 8 Bedrooms | $2,460 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,150 | $160,635 | 0.72% | D |
| 3BR | $1,450 | $210,029 | 0.69% | D |
| 4BR | $1,670 | $260,419 | 0.64% | D |
| 5BR | $1,937 | $253,700 | 0.76% | D |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 13901 in Binghamton, NY, for fiscal year 2024 is set at $1,120. This figure represents the maximum amount that a landlord can receive from the federal government's Housing Choice Voucher program, commonly known as Section 8. It does not dictate the rent you should charge your tenants; rather, it serves as a guideline for the government's reimbursement rate.
In comparison, the local Zillow Rent Index (ZORI) for the same area stands at $1,280. This indicates that the market rent slightly exceeds the FMR, suggesting that landlords participating in the Section 8 program might need to accept a lower rent than what they could potentially earn in the open market. However, the stability and reliability of payments from the Section 8 program can offset this difference.
The 43.6% renter share of the population in ZIP 13901 highlights a significant demand for rental properties. This means nearly half of the residents are looking for places to rent, which can be advantageous for landlords who want to ensure consistent occupancy rates. With a high proportion of renters, there is a strong likelihood that your property will remain occupied, reducing the risk of vacancy.
When considering the acquisition of a rental property in this area, the median home value is around $193,582. This figure gives you an idea of the investment required to purchase a property suitable for Section 8 tenants. While this cost might seem substantial, it is important to evaluate the long-term financial benefits, such as steady income and the potential for appreciation in property values over time.
Before committing to a Section 8 rental property, verify that your property meets all the necessary inspection criteria. The housing unit must pass a thorough inspection to ensure it adheres to health and safety standards set by the government. This step is crucial because failing to meet these requirements can lead to disqualification from the program, resulting in financial loss and wasted effort.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-08-31). 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.