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 | $1,080 |
| 1 Bedroom | $1,230 |
| 2 Bedrooms | $1,540 |
| 3 Bedrooms | $1,870 |
| 4 Bedrooms | $2,020 |
| 5 Bedrooms | $2,343 |
| 6 Bedrooms | $2,624 |
| 7 Bedrooms | $2,834 |
| 8 Bedrooms | $2,976 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,540 | $239,746 | 0.64% | D |
| 3BR | $1,870 | $329,908 | 0.57% | F |
| 4BR | $2,020 | $429,542 | 0.47% | F |
| 5BR | $2,343 | $478,757 | 0.49% | F |
U.S. Census Bureau data (2024)
The ZIP code 13039, located in Cicero, NY, presents an interesting scenario for both renters and landlords. The median income in this area stands at $107,500, which is a substantial figure. However, when considering the market rate rent of $1,118 per month (as reported by the Census Bureau's American Community Survey), it becomes evident that the cost of housing represents a significant portion of the average household's budget.
To put this into perspective, the monthly market rate rent of $1,118 amounts to approximately 13% of the median annual income. This percentage might be manageable for some households but could pose a challenge for others, especially those with additional financial obligations or expenses.
When comparing the market rate to the Fair Market Rent (FMR) set by the Department of Housing and Urban Development (HUD) for ZIP 13039 in fiscal year 2024, which is $1,230, it's clear that the voucher payment standard slightly exceeds the current market rate. This means that for tenants using vouchers, the financial burden on their side is reduced, as the voucher would cover a larger share of the rent compared to what they would pay out-of-pocket at the market rate.
The rental market in ZIP 13039 is relatively modest, with only 16.7% of the total population being renters. Given the overall population of 16,951, this translates to roughly 2,825 renters. Such a low percentage of renters suggests a limited pool of potential tenants, which could impact competition among landlords. If many landlords are competing for a smaller number of tenants, this could drive down rents or increase the demand for properties that offer amenities or are in prime locations.
The affordability gap between the median income and the market rate rent highlights a key challenge for landlords. While the market rate is lower than the voucher payment standard, the relatively high median income indicates that there may be a segment of the market willing to pay above the market rate, particularly if they value certain characteristics of the property or location.
Takeaway for Landlords: When deciding between accepting voucher payments or focusing on cash-paying tenants, landlords should consider the stability and guaranteed income that comes with voucher tenants. Vouchers cover a higher percentage of the rent, reducing the risk of non-payment. However, landlords should also weigh the potential for higher rents from cash-paying tenants who have the financial capacity to afford more expensive housing. Understanding the local market dynamics and tenant preferences will be crucial in formulating a successful rental strategy.
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.