Section 8 Fair Market Rent (FMR) for ZIP 13044 - 2027

Location: Syracuse, NY | Metro: Syracuse, NY MSA

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$940
1 Bedroom	$1,070
2 Bedrooms	$1,330
3 Bedrooms	$1,610
4 Bedrooms	$1,750
5 Bedrooms	$2,030
6 Bedrooms	$2,274
7 Bedrooms	$2,456
8 Bedrooms	$2,579

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

2,643

Median Household Income

$64,313

Housing Units

1,174

Renter Percentage

6.6%

Occupancy Rate

88.8%

Renter Occupied

Housing Authorities Serving ZIP 13044

City of Oswego, Office of Community Dev. (Oswego, NY) - 489 Section 8 vouchers
City of Fulton (Fulton, NY) - 485 Section 8 vouchers

The ZIP code 13044, located in New York, is characterized by a stable housing market with a mix of rental and homeownership opportunities. This area offers a blend of suburban charm and access to urban amenities, making it attractive to both families and individuals seeking affordable living options.

The Fair Market Rent (FMR) for a two-bedroom apartment in ZIP 13044 for fiscal year 2024 is set at $1,000. This figure represents the benchmark for rental affordability and is used by HUD to determine eligibility for assistance programs.
The average market rent for properties in this ZIP code, according to the Census American Community Survey, is $891. This indicates that rental prices are slightly below the FMR, suggesting a competitive market for landlords.
The median home value in ZIP 13044 is $245,334. This relatively low figure can be beneficial for investors looking to purchase properties at a lower cost while still maintaining a strong rental income potential.
Renters make up only 6.6% of the total population in this area, which is a notably low percentage. This suggests a higher preference for homeownership among residents, which could impact the demand for rental properties.
The median income for households in ZIP 13044 is $64,313. This level of income provides insight into the financial capabilities of the local population and their ability to afford higher rents or mortgage payments.
The number of days on the market (DOM) for rental listings is not available, indicating either limited data or a rapidly moving market where properties are leased quickly.

In summary, ZIP 13044 presents a balanced opportunity for real estate investment. With rental prices slightly below the FMR, it offers a competitive edge for landlords. However, the low renter share implies a stronger inclination towards homeownership, which might affect the rental market's dynamics. The median home value being under $250,000 makes property acquisition more feasible for investors. Coupled with the median household income, these factors suggest a viable market for those willing to invest in both rental and homeownership properties, but careful consideration should be given to the local preference for homeownership.

Data Sources: FMR data from HUD (2027). 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.