Location: Ithaca, NY | Metro: Ithaca, 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 | $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 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,580 | $257,439 | 0.61% | D |
| 3BR | $1,900 | $302,739 | 0.63% | D |
| 4BR | $2,370 | $363,302 | 0.65% | D |
U.S. Census Bureau data (2024)
The real estate market in ZIP 13068, Freeville, NY, presents a nuanced scenario for landlords and small-portfolio investors. The median home value stands at $296,290, which serves as a foundational metric for understanding the local housing economy. Despite the missing percentage of listings that have been reduced and the undefined median days on market (DOM), these gaps suggest a stable market where sellers are not feeling pressured to lower their prices, and homes are likely selling within a reasonable timeframe.
On the rental side, the Fair Market Rent (FMR) for ZIP 13068 is set at $1,340 for fiscal year 2024, compared to the current market rate of $1,166 according to the Census Bureau's American Community Survey (ACS). This indicates that there is potential upward pressure on rents, as the FMR is designed to reflect the average rent for a standard two-bedroom apartment in the area. Landlords may find opportunities to increase rental income closer to the FMR level without significantly deterring tenants.
For long-term investors considering the purchase of properties in Freeville, the setup suggests a balanced approach. The lack of data regarding price reductions and DOM does not point towards an overheated market where rapid appreciation can be expected. Instead, it signals a market that is steady and predictable, with room for gradual growth in property values and rental rates. As the FMR is higher than the current market rent, this provides a rationale for maintaining or slightly increasing rental prices over time, aligning with the trend towards fairer market valuation.
In conclusion, the real estate landscape in ZIP 13068 offers a solid base for investment, with median home values indicating a middle-tier market. The rental dynamics suggest a path toward modest increases in rental income, supported by the FMR guidance. Long-term appreciation, however, is likely to be moderate rather than explosive, making this a suitable location for those seeking stability and consistent returns rather than quick capital gains.
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.