Location: Syracuse, NY | Metro: Syracuse, 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 | $920 |
| 1 Bedroom | $1,030 |
| 2 Bedrooms | $1,290 |
| 3 Bedrooms | $1,560 |
| 4 Bedrooms | $1,720 |
| 5 Bedrooms | $1,995 |
| 6 Bedrooms | $2,234 |
| 7 Bedrooms | $2,413 |
| 8 Bedrooms | $2,534 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,290 | $205,294 | 0.63% | D |
| 3BR | $1,560 | $275,544 | 0.57% | F |
U.S. Census Bureau data (2024)
ZIP code 13028, Bernhards Bay, NY, has a population of 1,162 residents, with 12.4% identified as renters. The median household income stands at $61,645. This ZIP code is predominantly a homeowner-dominated area rather than a renter-heavy one, given that only about one-eighth of the population rents their homes. As such, the demand for rental properties using Section 8 vouchers is likely to be lower compared to areas with higher percentages of renters.
The median market rent in this area is not available, but we can use the Fair Market Rent (FMR) as a benchmark. For FY 2024, the FMR for ZIP 13028 is set at $1,060. To contextualize this figure, let's consider how it relates to the median income. Assuming a typical renter household earns the median income, the FMR represents approximately 20% of their annual income. This is calculated by taking the FMR ($1,060 per month) and multiplying it by 12 to get an annual figure ($12,720), then dividing by the median income ($61,645).
In terms of tenant profiles, landlords in Bernhards Bay can expect a mix of low-income families and individuals who qualify for Section 8 assistance. Given the homeowner-dominated nature of the ZIP code, competition for Section 8 tenants may be less intense compared to urban or more densely populated areas. However, landlords should still be prepared to manage the administrative aspects associated with Section 8 rentals, including regular inspections and compliance with HUD regulations.
Despite the relatively low percentage of renters, the presence of Section 8 vouchers can provide a steady stream of qualified tenants for those willing to participate in the program. The FMR serves as a guideline for maximum allowable rent under Section 8, ensuring that rents remain affordable for eligible tenants. Landlords should also note that the actual number of Section 8 vouchers available can vary, which might affect the supply of potential tenants.
To conclude, Bernhards Bay, NY, is not a renter-heavy ZIP code, and therefore, landlords should not anticipate a large influx of Section 8 tenants. However, the FMR of $1,060 provides a reasonable estimate for affordable rents, which will consume about 20% of the median household income. Landlords should prepare for a niche market of tenants who rely on government subsidies to meet their housing needs, and they should be ready to navigate the requirements of the Section 8 program.
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.