Location: Utica-Rome, 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 | $1,070 |
| 1 Bedroom | $1,200 |
| 2 Bedrooms | $1,510 |
| 3 Bedrooms | $1,820 |
| 4 Bedrooms | $2,010 |
| 5 Bedrooms | $2,332 |
| 6 Bedrooms | $2,612 |
| 7 Bedrooms | $2,821 |
| 8 Bedrooms | $2,962 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,510 | $245,573 | 0.61% | D |
| 3BR | $1,820 | $269,267 | 0.68% | D |
| 4BR | $2,010 | $278,630 | 0.72% | D |
U.S. Census Bureau data (2024)
The real estate market in ZIP code 13042, Cleveland, NY, presents a nuanced landscape for both landlords and small-portfolio investors. With a median home value at $240,912, the area offers an entry point that is relatively affordable compared to larger metropolitan areas. However, the absence of percentage data regarding listings being reduced and the median days on market (DOM) suggests stability but lacks indicators of increasing demand or seller urgency.
On the rental side, the Forward Market Rate (FMR) for ZIP 13042 in fiscal year 2024 stands at $1,390, while the current market rate based on Census ACS data is $1,163. This gap indicates potential upward pressure on rents, which could benefit landlords looking to adjust their rates. The discrepancy between FMR and actual market rates can be attributed to various factors, including local economic conditions, supply and demand dynamics, and the presence of subsidized housing.
For long-term hold investors, the setup in Cleveland, NY, implies a conservative appreciation thesis. The stable median home values without significant reductions in listing prices suggest a steady market rather than one experiencing rapid growth. While there is potential for modest appreciation, driven by gradual increases in rental rates and possibly improvements in local infrastructure or amenities, the data does not support aggressive expectations of capital gains.
To summarize, the current median home value, combined with the rental market dynamics, points towards a market where landlords and investors can expect steady, if not spectacular, returns. Modest increases in property values and rental income are likely, but investors should not anticipate high volatility or sharp price hikes. This environment favors those who seek consistent performance over time rather than quick, large profits.
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.