Location: Ithaca, 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 | $1,320 |
| 1 Bedroom | $1,530 |
| 2 Bedrooms | $1,830 |
| 3 Bedrooms | $2,200 |
| 4 Bedrooms | $2,780 |
| 5 Bedrooms | $3,225 |
| 6 Bedrooms | $3,612 |
| 7 Bedrooms | $3,901 |
| 8 Bedrooms | $4,096 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,830 | $250,977 | 0.73% | D |
| 3BR | $2,200 | $297,334 | 0.74% | D |
| 4BR | $2,780 | $341,773 | 0.81% | C |
U.S. Census Bureau data (2024)
The ZIP code 14817, encompassing Brooktondale, NY, presents a dynamic rental market influenced by several key factors. The Fair Market Rent (FMR) for the area stands at $1700 for the fiscal year 2024, indicating a higher benchmark set by the government for affordable housing. In contrast, the actual market rent, as reported by the Census ACS, is lower at $1,482, suggesting that while there might be some upward pressure on rents, it is not yet reaching the FMR levels.
The median home value in Brooktondale is $273,491, which places homeownership within reach for many local residents. However, the lack of specific data regarding the percentage of price-cut share and days on market (DOM) makes it challenging to determine whether supply currently outpaces demand or vice versa. These missing metrics would typically provide insights into how quickly homes are selling and if sellers are adjusting their prices to match market conditions.
A notable aspect of Brooktondale's housing landscape is the 38.6% renter share. This figure implies that nearly 40% of households are renters, which can contribute to long-term housing pressure. A high renter share often suggests a need for more affordable housing options, as well as potential challenges for landlords and small-portfolio investors in maintaining occupancy rates. It also indicates that a significant portion of the population may be sensitive to economic changes, which could affect their ability to pay rent consistently.
The gap between the FMR and the current market rent suggests that there is room for rents to rise, potentially aligning more closely with the government-set benchmarks. This could benefit landlords and investors who are willing to wait for market adjustments. However, the high renter share also highlights the importance of offering competitive rental terms to attract and retain tenants.
In summary, Brooktondale's rental market is characterized by a mix of affordability and potential for growth, driven by the disparity between FMR and market rent, and the substantial renter share. Landlords and investors must navigate these dynamics carefully, balancing the desire for higher returns with the need to remain competitive in a market where a significant portion of the population is renting.
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.