Location: Binghamton, NY | Metro: Binghamton, NY MSA
| 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 |
U.S. Census Bureau data (2024)
A skeptical investor might question whether the Fair Market Rent (FMR) of $1330 for ZIP 13902 can cover the mortgage on a typical home. Unfortunately, the data does not provide an average home price for ZIP 13902, making it difficult to assess if the FMR would be sufficient. However, it's important to consider that the FMR is set to ensure affordability for low-income households, which means it may not always align with the mortgage payments of higher-priced properties.
The second objection could be regarding the demand for rental properties. The data provided does not specify the rental vacancy rate for ZIP 13902, leaving us without a precise figure to evaluate the competition among renters. Nevertheless, given that ZIP 13902 serves Binghamton University, a major SUNY campus in Broome County, NY, we can infer that there is likely a steady demand for rental units, especially during academic terms when students are seeking accommodation.
Lastly, an investor might be concerned about whether housing vouchers will keep pace with the market rents in ZIP 13902. The data does not provide specific information on the housing voucher utilization rates for this ZIP code. However, the housing voucher program aims to adjust its payments based on the local market conditions. It's crucial for landlords to stay informed about any changes in voucher policies and payment standards to ensure they remain competitive and financially viable.
To summarize, while the data doesn't fully answer all concerns, the presence of a large university suggests strong rental demand. The FMR of $1330 should be considered alongside the actual home prices, which are currently not available. And although specific voucher utilization data is lacking, the program's structure supports adjustments to match market rents, which is beneficial for landlords.
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.