Location: Cayuga County, 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 | $960 |
| 1 Bedroom | $1,090 |
| 2 Bedrooms | $1,360 |
| 3 Bedrooms | $1,650 |
| 4 Bedrooms | $1,790 |
| 5 Bedrooms | $2,076 |
| 6 Bedrooms | $2,325 |
| 7 Bedrooms | $2,511 |
| 8 Bedrooms | $2,637 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,360 | $228,072 | 0.6% | F |
| 3BR | $1,650 | $291,517 | 0.57% | F |
| 4BR | $1,790 | $338,843 | 0.53% | F |
U.S. Census Bureau data (2024)
The Section 8 thesis for ZIP code 13060 in Elbridge, NY, centers around the disparity between the Fair Market Rent (FMR) and the actual market rent. For fiscal year 2024, the FMR is set at $1030, while the Census ACS reports the average market rent at $921. This creates a gap of $109, representing a 12% difference between the two figures.
Given that the FMR exceeds the market rent, landlords can leverage this situation to achieve higher yields. The government pays the difference between the tenant's contribution and the FMR, ensuring a steady and predictable income stream above what the open market would typically offer. In Elbridge, where only 12.0% of residents are renters, the opportunity to attract voucher tenants can be particularly advantageous. With a median home value of $275,346 and a median household income of $64,448, many local residents might find it challenging to afford housing without assistance. Thus, accepting Section 8 vouchers can provide landlords with a reliable source of rental income, especially in a market where demand for affordable housing is evident.
The cost of housing voucher tenants below open-market rates is minimal due to the government subsidy. Landlords receive the full FMR payment, which is higher than the current market rate. This means that even though the listed market rent is lower, the actual income received by landlords through the voucher program will be closer to the FMR, enhancing profitability. Additionally, the low percentage of renters in Elbridge suggests that competition for rental properties is not intense, making it easier to maintain occupancy rates with voucher tenants.
In summary, the FMR being $109 or 12% higher than the market rent presents a compelling yield opportunity for landlords in ZIP 13060. By participating in the Section 8 program, they can secure rental income that surpasses the typical market rate, aligning well with the local economic conditions and the need for affordable housing solutions.
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.