Location: Cayuga County, NY | Metro: Cayuga County, NY
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 | $950 |
| 1 Bedroom | $960 |
| 2 Bedrooms | $1,170 |
| 3 Bedrooms | $1,550 |
| 4 Bedrooms | $1,780 |
| 5 Bedrooms | $2,065 |
| 6 Bedrooms | $2,313 |
| 7 Bedrooms | $2,498 |
| 8 Bedrooms | $2,623 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $1,550 | $219,672 | 0.71% | D |
U.S. Census Bureau data (2024)
In evaluating whether to invest in ZIP code 13071 for Section 8 properties, follow this decision tree based on the specific data points provided.
1) Does the Fair Market Rent (FMR) of $1,270 cover the debt service on a property valued at $214,454?
If the debt service on a property valued at $214,454 is less than or equal to $1,270 per month, then the answer is Yes. This means that the rental income would sufficiently cover the mortgage payments and other related costs.
If the debt service exceeds $1,270 per month, then the answer is No. The rental income would not be sufficient to cover the expenses associated with owning the property.
2) How does the market rent of $1,261 compare to the FMR?
If the market rent of $1,261 is below the FMR of $1,270, then you can expect that Section 8 tenants might be willing to pay the higher rate set by the government, making it a viable investment.
If the market rent is at par with the FMR, then the property is priced competitively, but there's no premium for landlords to charge over market rates.
If the market rent exceeds the FMR, then landlords may find it challenging to attract Section 8 tenants due to the lower subsidy rates compared to what the market demands.
3) Is the demand sufficient with 18.9% of the population being renters and the days on the market (DOM) being N/A?
If the 18.9% rental rate is considered high relative to the area's historical trends and the lack of data on DOM suggests either a stable rental market or a lack of recent sales activity, then the demand is likely enough. This indicates a steady stream of potential tenants.
However, if the rental rate is low and the DOM data is crucial for understanding the market's absorption rate, the absence of DOM data could imply a wait-and-see approach. It depends on additional research into local rental dynamics.
Based on these criteria, landlords should evaluate their financial situation and the local real estate market before deciding to purchase a property in ZIP 13071 for Section 8 purposes. The key is ensuring that the FMR covers your debt service, the market rent is favorable, and there is sufficient tenant demand.
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.