FMR is below market; voucher rent may lag private rents.
0.87
1 BR
1 BR
1.06ratio
FMR$1,630
Market$1,540
vs market+$90
FMR is near market; voucher and private rents are aligned.
1.06
2 BR
2 BR
0.99ratio
FMR$1,950
Market$1,970
vs market-$20
FMR is near market; voucher and private rents are aligned.
0.99
3 BR
3 BR
1.04ratio
FMR$2,330
Market$2,230
vs market+$100
FMR is near market; voucher and private rents are aligned.
1.04
4 BR
4 BR
0.98ratio
FMR$3,000
Market$3,070
vs market-$70
FMR is near market; voucher and private rents are aligned.
0.98
0.700.800.901.001.101.201.30aligned range
Historical
FY 2023-2027
FMR
FY2027
Market rent
last ~365 days
Property value
--
Tax rate
--
Mortgage rate
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ZIP 14853 fair market rent, FY 2027
For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 14853 (Ithaca, NY) is $1,950 a month. That is up 3.2% from $1,890 in FY 2026. Ithaca is in the Ithaca, 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 $1,709. Among 21 ZIP codes in Tompkins County, 14853 is tied for the highest two-bedroom rent (county range $1,580–$1,950). The median county two-bedroom FMR in New York is $1,385, so ZIP 14853 is 41% above it.
FY 2027 rent by bedroom
FY 2027 fair market rent by bedroom for 14853
Bedrooms
FY 2026
FY 2027
Change
90–110% range
Studio
$1,360
$1,370
+0.7%
$1,233–$1,507
1BR
$1,580
$1,630
+3.2%
$1,467–$1,793
2BR
$1,890
$1,950
+3.2%
$1,755–$2,145
3BR
$2,270
$2,330
+2.6%
$2,097–$2,563
4BR
$2,830
$3,000
+6.0%
$2,700–$3,300
Fair market rent history, FY 2023–2027
Fair market rent by fiscal year for 14853
Fiscal year
Studio
1BR
2BR
3BR
4BR
FY 2027
$1,370
$1,630
$1,950
$2,330
$3,000
FY 2026
$1,360
$1,580
$1,890
$2,270
$2,830
FY 2025
$1,380
$1,560
$1,780
$2,140
$2,460
FY 2024
$1,390
$1,520
$1,760
$2,170
$2,360
FY 2023
$1,190
$1,280
$1,490
$1,890
$2,000
Two-bedroom rent in nearby Tompkins County ZIP codes
How much will Section 8 pay for a two-bedroom in ZIP 14853?
Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With the metro-wide two-bedroom FMR of $1,709, which applies unless the housing authority uses Small Area FMRs, that basic range is $1,538 to $1,880 a month; under the ZIP-level Small Area FMR of $1,950 it would be $1,755 to $2,145. 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 14853 in?
ZIP 14853 is in the Ithaca, NY MSA. Small Area FMRs are optional here; the metro-wide two-bedroom FMR is $1,709.
How much did fair market rent change in ZIP 14853 for FY 2027?
The two-bedroom FMR rose 3.2%, from $1,890 in FY 2026 to $1,950 in FY 2027. Since FY 2023 it has risen 30.9%.
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