Location: Cayuga County, NY | Metro: Cayuga County, NY
| Unit Size | Monthly FMR |
|---|---|
| Studio | $870 |
| 1 Bedroom | $870 |
| 2 Bedrooms | $1,070 |
| 3 Bedrooms | $1,420 |
| 4 Bedrooms | $1,630 |
| 5 Bedrooms | $1,891 |
| 6 Bedrooms | $2,118 |
| 7 Bedrooms | $2,287 |
| 8 Bedrooms | $2,401 |
A skeptical investor might question whether the Fair Market Rent (FMR) of $1,120 for ZIP 13022 in fiscal year 2026 will sufficiently cover the mortgage on a home. Unfortunately, specific data regarding the average home price in ZIP 13022 is currently unavailable. However, it's important to consider that FMRs are set based on local housing markets and should reflect the average rent level for a modest home. To accurately assess if FMR covers the mortgage, one must compare it against the actual mortgage payments of properties within the area.
The second objection could be whether there is enough renter demand at an unspecified percentage. The rental vacancy rate for ZIP 13022 is not directly provided in the available data. Vacancy rates are crucial for understanding the supply and demand dynamics in the rental market. A lower vacancy rate suggests higher demand, which can support higher rents. Investors should monitor local trends and consult real estate professionals for insights into the rental market conditions in ZIP 13022.
Lastly, an investor might wonder if Housing Choice Vouchers will keep pace with the market rents in ZIP 13022. The utilization rate of vouchers, which indicates how effectively vouchers are being used to secure housing, is not explicitly given for ZIP 13022. However, the effectiveness of vouchers in covering market rents depends on the local Public Housing Agency (PHA) policies and the availability of vouchers. In general, PHAs adjust their voucher amounts annually to reflect changes in the local housing market. Investors should stay informed about these adjustments and the overall trend in voucher usage to anticipate potential impacts on their investment.
Note that the data provided does not fully address all concerns, particularly due to the lack of specific figures for home prices and vacancy rates. It's essential for investors to gather comprehensive local data and consult with real estate experts to make well-informed decisions.
Data Sources: FMR data from HUD (2027).
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.