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 | $1,410 |
| 1 Bedroom | $1,610 |
| 2 Bedrooms | $2,010 |
| 3 Bedrooms | $2,430 |
| 4 Bedrooms | $2,640 |
| 5 Bedrooms | $3,062 |
| 6 Bedrooms | $3,429 |
| 7 Bedrooms | $3,703 |
| 8 Bedrooms | $3,888 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $2,010 | $192,688 | 1.04% | B |
| 3BR | $2,430 | $301,455 | 0.81% | C |
| 4BR | $2,640 | $394,361 | 0.67% | D |
| 5BR | $3,062 | $522,774 | 0.59% | F |
U.S. Census Bureau data (2024)
The economics of Section 8 in ZIP code 13041, which encompasses Clay, NY, in Onondaga County, hinge on understanding the SAFMR (Small Area Fair Market Rent) and how it interacts with the local rental market. For fiscal year 2024, the SAFMR for a two-bedroom apartment in this ZIP code is set at $1,530. This figure is specific to ZIP 13041 and reflects the maximum amount that the housing authority will pay for a unit of this size.
The local market rent, according to Census ACS data, averages around $1,570 for a two-bedroom apartment. This means that landlords in ZIP 13041 face a slight challenge in matching their rental rates to both the market and the Section 8 reimbursement levels.
A Section 8 voucher works by covering most of the rent, but not all. The tenant is responsible for paying a portion of the rent based on their income. Typically, the tenant's contribution is about 30% of their adjusted monthly income. For example, if a tenant has an adjusted monthly income of $1,000, they would be expected to contribute $300 towards the rent. The housing authority then covers the remaining balance up to the SAFMR limit of $1,530.
In addition to the base rent, Section 8 also includes utility allowances. These vary depending on the region and type of utilities available. In ZIP 13041, the utility allowance for a two-bedroom apartment can range from $200 to $300 per month, further reducing the net rent that the landlord must accept.
To illustrate, if a landlord charges $1,570 for a two-bedroom apartment, and the tenant contributes $300, the housing authority would cover $1,230. However, because the SAFMR is $1,530, the housing authority would only reimburse up to $1,530 minus the tenant's contribution, which in this case would still be $1,230. If the utility allowance is $250, the total reimbursement would be $1,480 ($1,230 for rent + $250 for utilities).
This leaves a gap between the local market rent and the actual reimbursement received by the landlord. For a two-bedroom apartment priced at $1,570, the reimbursement gap is $90 ($1,570 - $1,480). Therefore, landlords in ZIP 13041 should expect a reimbursement that is slightly below the local market rent, resulting in a minor surplus for them when the market rent is exactly at the SAFMR level, but a deficit when market rents exceed the SAFMR.
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.