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 | $1,190 |
| 1 Bedroom | $1,350 |
| 2 Bedrooms | $1,690 |
| 3 Bedrooms | $2,050 |
| 4 Bedrooms | $2,220 |
| 5 Bedrooms | $2,575 |
| 6 Bedrooms | $2,884 |
| 7 Bedrooms | $3,115 |
| 8 Bedrooms | $3,271 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,690 | $290,761 | 0.58% | F |
| 3BR | $2,050 | $372,288 | 0.55% | F |
| 4BR | $2,220 | $492,646 | 0.45% | F |
| 5BR | $2,575 | $623,807 | 0.41% | F |
U.S. Census Bureau data (2024)
ZIP code 13035, located in Cazenovia, NY, is part of the larger Syracuse, NY MSA metro area. When comparing specific figures from this ZIP code to typical Syracuse, NY MSA ZIPs, several key points emerge.
The Fair Market Rent (FMR) for ZIP 13035 in fiscal year 2024 is set at $1290. This figure is slightly above the market rent of $1244, indicating that the rental prices in this area are closely aligned with government guidelines. The home value in ZIP 13035 stands at $389,837, which suggests it is a middle-value neighborhood compared to other areas within the Syracuse MSA. Home values can vary widely across different ZIP codes, but $389,837 is neither exceptionally high nor low.
A notable aspect of ZIP 13035 is its 16.3% renter share, which is relatively low compared to many urban centers. However, this figure alone does not necessarily indicate a specific market position. In some cases, a higher renter share with lower home values can signal a Section 8 sweet spot, but here, the home values are moderate, and the renter share is not particularly elevated.
Given the data, ZIP 13035 appears to be a mid-tier neighborhood within the Syracuse, NY MSA. The FMR and market rent are fairly consistent, suggesting stable rental markets. The home values are moderate, aligning well with what might be expected for a suburban or semi-rural area near a larger city. While the renter share is not high, it also does not suggest a premium sub-market where home ownership is significantly more prevalent.
To further contextualize these figures, a comparison with other ZIP codes in the Syracuse MSA would be necessary. However, based on the provided data, it is reasonable to conclude that ZIP 13035 offers a balanced market opportunity for landlords and small-portfolio investors, without significant divergence from typical trends within the metro area.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-07-31). 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.