For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 12161 (South Bethlehem, NY) is $2,240 a month. That is down 1.3% from $2,270 in FY 2026. South Bethlehem is in the Albany-Schenectady-Troy, NY MSA. HUD also publishes the ZIP-level Small Area FMRs shown here, but unless the local housing authority has adopted them, vouchers are based on the metro-wide two-bedroom FMR of $1,711. Among 60 ZIP codes in Albany County, 12161 is tied for the 4th-highest two-bedroom rent (county range $1,540–$2,570). The median county two-bedroom FMR in New York is $1,385, so ZIP 12161 is 62% above it.
FY 2027 rent by bedroom
FY 2027 fair market rent by bedroom for 12161
Bedrooms
FY 2026
FY 2027
Change
90–110% range
Studio
$1,620
$1,620
0.0%
$1,458–$1,782
1BR
$1,890
$1,870
−1.1%
$1,683–$2,057
2BR
$2,270
$2,240
−1.3%
$2,016–$2,464
3BR
$2,720
$2,670
−1.8%
$2,403–$2,937
4BR
$3,010
$2,940
−2.3%
$2,646–$3,234
Fair market rent history, FY 2023–2027
Fair market rent by fiscal year for 12161
Fiscal year
Studio
1BR
2BR
3BR
4BR
FY 2027
$1,620
$1,870
$2,240
$2,670
$2,940
FY 2026
$1,620
$1,890
$2,270
$2,720
$3,010
FY 2025
$1,480
$1,700
$2,050
$2,470
$2,720
FY 2024
$1,330
$1,490
$1,810
$2,190
$2,410
FY 2023
$1,250
$1,390
$1,690
$2,060
$2,270
Two-bedroom rent in nearby Albany County ZIP codes
How much will Section 8 pay for a two-bedroom in ZIP 12161?
Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With the metro-wide two-bedroom FMR of $1,711, which applies unless the housing authority uses Small Area FMRs, that basic range is $1,540 to $1,882 a month; under the ZIP-level Small Area FMR of $2,240 it would be $2,016 to $2,464. The voucher pays the lower of the payment standard or the gross rent, minus the tenant's share, which is usually about 30% of adjusted monthly income. Confirm the local housing authority's current schedule before underwriting.
Which HUD fair market rent area is ZIP 12161 in?
ZIP 12161 is in the Albany-Schenectady-Troy, NY MSA. Small Area FMRs are optional here; the metro-wide two-bedroom FMR is $1,711.
How much did fair market rent change in ZIP 12161 for FY 2027?
The two-bedroom FMR fell 1.3%, from $2,270 in FY 2026 to $2,240 in FY 2027. Since FY 2023 it has risen 32.5%.
When do FY 2027 fair market rents take effect?
HUD's FY 2027 fair market rents took effect on October 1, 2026. When FMRs change, housing authorities generally have up to three months to bring payment standards back within 90% to 110% of the new FMR.
Source: HUD FY 2027 Small Area Fair Market Rents and area FMRs. Payment-standard ranges are 90% to 110% of FMR, HUD's basic range, not a housing authority's published schedule. How payment standards are set