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 | $1,000 |
| 1 Bedroom | $1,140 |
| 2 Bedrooms | $1,420 |
| 3 Bedrooms | $1,720 |
| 4 Bedrooms | $1,870 |
| 5 Bedrooms | $2,169 |
| 6 Bedrooms | $2,429 |
| 7 Bedrooms | $2,623 |
| 8 Bedrooms | $2,754 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,420 | $219,842 | 0.65% | D |
| 3BR | $1,720 | $263,163 | 0.65% | D |
| 4BR | $1,870 | $321,410 | 0.58% | F |
U.S. Census Bureau data (2024)
The median income in ZIP code 13036, Central Square, NY, stands at $83,648. Considering the market rate rental price of $927 based on Census ACS data, it becomes evident that affording housing at this rate is challenging for the average household. The disparity between income and housing costs highlights a significant affordability gap.
This situation is further complicated by the fact that the Fair Market Rent (FMR) set for ZIP 13036 in fiscal year 2024 is $1,090, which exceeds both the median income and the current market rate. This means that even if landlords were to accept Section 8 vouchers, they would be receiving a higher payment than the typical market rate, but still below the FMR benchmark. This discrepancy suggests that landlords might find themselves in a competitive position when it comes to attracting tenants who can pay the market rate outright.
With only 23.0% of the population being renters and a total population of 8,616, there is a relatively limited pool of potential tenants. This scarcity of renters implies that landlords must carefully consider their tenant selection strategies to ensure steady occupancy and cash flow.
For landlords weighing the pros and cons of accepting Section 8 vouchers versus relying on cash-paying tenants, the data points to a nuanced decision. Accepting vouchers guarantees a stable source of income, albeit slightly above the current market rate. However, the competition for cash-paying tenants who can meet the market rate without assistance is likely to be fierce due to the limited number of renters in the area. Landlords should prepare for a scenario where voucher acceptance could become a necessity to maintain occupancy rates, especially given the affordability gap faced by many households in the region.
Takeaway: Landlords in ZIP 13036 should consider a mixed strategy that includes accepting Section 8 vouchers to secure a portion of their tenant base. This approach ensures a steady income stream while also keeping an eye on the market for cash-paying tenants who might be able to afford the going rate. Given the financial constraints many local households face, flexibility in tenant selection will be key to maintaining successful property management.
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.