Section 8 Fair Market Rent (FMR) for ZIP 13045 - 2027

Location: Cortland County, NY | Metro: Ithaca, NY MSA

Investment Score for ZIP 13045

Monthly Rent (2BR)

$1,580

Median Price (2BR)

$173,176

1% Rule

0.91%

Annual Yield

10.95%

Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$1,140
1 Bedroom	$1,320
2 Bedrooms	$1,580
3 Bedrooms	$1,900
4 Bedrooms	$2,370
5 Bedrooms	$2,749
6 Bedrooms	$3,079
7 Bedrooms	$3,325
8 Bedrooms	$3,491

Investment Analysis by Bedroom Size

Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)

Bedrooms	Monthly FMR	Median Price	1% Rule	Grade
1BR	$1,320	$137,145	0.96%	C
2BR	$1,580	$173,176	0.91%	C
3BR	$1,900	$211,135	0.9%	C
4BR	$2,370	$242,998	0.98%	C
5BR	$2,749	$268,249	1.02%	B

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

28,361

Median Household Income

$69,961

Housing Units

12,464

Renter Percentage

41.7%

Occupancy Rate

91.4%

Renter Occupied

4,749

The Cortland, NY area, specifically ZIP code 13045, is a modest-sized community that offers a blend of suburban living and small-town charm. With a mix of residential properties and local amenities, it presents a stable environment for real estate investment, particularly for those interested in rental properties. Here's a concise market analysis based on recent data:

The Fair Market Rent (FMR) for a two-bedroom apartment in ZIP 13045 for fiscal year 2024 is set at $1,340.
The Zillow Observed Rent Index (ZORI), which reflects the actual market rent, shows a slightly lower figure of $1,187 for the same type of unit.
The median home value in this ZIP code stands at $197,158, indicating a middle-range property price point suitable for moderate-income buyers and renters.
Renters make up a significant portion of the housing market, with a renter share of 41.7%, suggesting strong demand for rental units.
The days on market (DOM) for rental listings is relatively short at 34 days, implying quick turnover and efficient leasing processes.
The median household income in ZIP 13045 is $69,961, providing insight into the economic profile of potential tenants and buyers.

In summary, ZIP 13045 in Cortland, NY, offers a balanced real estate market with a fair amount of rental activity. The gap between the Fair Market Rent and the actual market rent suggests there's room for pricing adjustments to attract tenants. Given the substantial renter share and quick days on market, landlords and small-portfolio investors can expect steady occupancy rates. However, they should be cautious not to exceed the market rent to maintain competitiveness. The median home value indicates that the area is attractive for first-time homebuyers and moderate-income households, which could also impact rental demand positively.

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.