Location: Syracuse, 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 | $900 |
| 1 Bedroom | $1,020 |
| 2 Bedrooms | $1,260 |
| 3 Bedrooms | $1,530 |
| 4 Bedrooms | $1,670 |
| 5 Bedrooms | $1,937 |
| 6 Bedrooms | $2,169 |
| 7 Bedrooms | $2,343 |
| 8 Bedrooms | $2,460 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,260 | $269,182 | 0.47% | F |
| 3BR | $1,530 | $337,154 | 0.45% | F |
| 4BR | $1,670 | $367,897 | 0.45% | F |
U.S. Census Bureau data (2024)
The real estate market in ZIP 13061, Erieville, NY, presents a nuanced landscape for both landlords and small-portfolio investors. With a median home value of $283,336, the area offers an entry point into homeownership that remains accessible compared to many urban centers. However, the absence of percentage data on listings being reduced and the median days on market (DOM) indicates a stable market with little volatility. This stability suggests that pricing power will remain relatively constant over the next 12-24 months, implying that significant price increases are unlikely without substantial changes in local economic conditions or housing demand.
On the rental side, the Federal Market Rent (FMR) for ZIP 13061 in fiscal year 2024 is set at $1,040. This figure contrasts sharply with the current market rent of $779, as reported by the Census Bureau's American Community Survey (ACS). The gap between the FMR and the actual market rent signals potential upward pressure on rents, particularly if landlords adjust their rates to align more closely with the FMR. This dynamic could enhance rental income for property owners, but it also necessitates careful consideration of tenant affordability and market absorption rates.
For long-term investors, the setup in Erieville implies a realistic appreciation thesis based on gradual growth rather than rapid escalation. Given the stable DOM and the lack of reductions in listing prices, coupled with the modest difference between current market rents and the FMR, appreciation is likely to be steady but not spectacular. Investors should focus on properties that offer good cash flow and are positioned to benefit from any incremental increase in property values and rental rates.
The market in ZIP 13061 is characterized by a balance between homeownership and rental opportunities, where pricing and rental rates are reflective of a stable community. Landlords and investors should anticipate a continued need to manage their properties prudently, ensuring they maintain competitive pricing and rental rates while benefiting from a market that supports gradual growth and stability.
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.