Location: Syracuse, NY | Metro: Syracuse, NY MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $920 |
| 1 Bedroom | $1,050 |
| 2 Bedrooms | $1,310 |
| 3 Bedrooms | $1,590 |
| 4 Bedrooms | $1,720 |
| 5 Bedrooms | $1,995 |
| 6 Bedrooms | $2,234 |
| 7 Bedrooms | $2,413 |
| 8 Bedrooms | $2,534 |
ZIP code 13043, located within the Syracuse, NY MSA, has a Fair Market Rent (FMR) of $1030 for fiscal year 2024. This figure is key for understanding the rental landscape, particularly for landlords and small-portfolio investors interested in Section 8 housing opportunities.
The absence of specific market rent and home value data for ZIP 13043 makes direct comparisons challenging, but we can infer its position relative to other ZIP codes within the Syracuse MSA based on the FMR alone. Typically, the FMR in Syracuse, NY MSA ranges from around $700 to over $1200 for a one-bedroom unit, depending on the specific area's demand and supply dynamics. With an FMR of $1030, ZIP 13043 likely falls into the mid-tier category among the metro's ZIP codes.
The lack of information regarding the percentage of renters suggests that this ZIP code might have a lower renter population compared to others in the MSA. However, without concrete data on the renter share, it's important to avoid assumptions. The FMR of $1030 indicates that the area is neither at the very low end nor the high end of the rental spectrum, which aligns with a mid-tier classification.
In the context of Section 8 housing, ZIP 13043 could be considered a value pocket if the local market rent is significantly higher than the FMR, making it attractive for tenants seeking affordable housing options. Conversely, if the market rent is close to the FMR, then it remains a mid-tier neighborhood where investment would be balanced between affordability and market rates.
Landlords and investors should also consider the broader economic factors influencing ZIP 13043, such as employment rates, median income levels, and the availability of public transportation. These elements can provide additional insights into the potential success of Section 8 properties in this area.
To make informed decisions, further research into the specific characteristics of ZIP 13043, including trends in rental demand and competition, is advisable. This will help in determining if the area offers unique advantages that could classify it as a premium sub-market within the Syracuse MSA despite the limited data currently available.
Data Sources: FMR data from HUD (2027).
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.