Location: Syracuse, NY | Metro: Syracuse, NY MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,100 |
| 1 Bedroom | $1,250 |
| 2 Bedrooms | $1,570 |
| 3 Bedrooms | $1,900 |
| 4 Bedrooms | $2,060 |
| 5 Bedrooms | $2,390 |
| 6 Bedrooms | $2,677 |
| 7 Bedrooms | $2,891 |
| 8 Bedrooms | $3,036 |
U.S. Census Bureau data (2024)
ZIP code 13051, located within the Syracuse, NY Metropolitan Statistical Area (MSA), has a Fair Market Rent (FMR) of $1170 for fiscal year 2024. This figure represents the maximum amount that a low-income household should pay in rent under the Section 8 Housing Choice Voucher program.
The FMR of $1170 in ZIP 13051 is notably lower than the average FMR for the entire Syracuse, NY MSA, which typically ranges higher due to varying housing costs across different neighborhoods. The lack of available market rent and home value data for ZIP 13051 suggests limited information on private rental rates and property values, but given the low FMR, it can be inferred that this area likely offers relatively affordable housing options compared to other parts of the Syracuse MSA.
The 0.0% renter share in ZIP 13051 indicates that there are no residents renting homes within this ZIP code, which is unusual and could suggest that most properties are owner-occupied. This characteristic diverges significantly from typical ZIP codes within the Syracuse, NY MSA, where renter shares are usually higher.
Based on the specific figures provided, ZIP 13051 appears to be a value pocket within its metro area. Its lower FMR suggests that it is less expensive than many other areas in the Syracuse MSA, making it attractive for low-income households seeking affordable housing through the Section 8 program. However, the absence of renters might indicate that the area is not heavily utilized by the Section 8 program, possibly due to a lack of suitable rental units or a preference among homeownership.
To conclude, while ZIP 13051 offers a lower FMR, making it potentially valuable for Section 8 participants, the complete absence of renters and limited data on market rents and home values prevent a definitive classification as a sweet spot for Section 8 investments. Landlords and small-portfolio investors considering this area should proceed with caution, focusing on understanding the local market dynamics and availability of rental properties.
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.