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 | $1,100 |
| 1 Bedroom | $1,250 |
| 2 Bedrooms | $1,560 |
| 3 Bedrooms | $1,890 |
| 4 Bedrooms | $2,050 |
| 5 Bedrooms | $2,378 |
| 6 Bedrooms | $2,663 |
| 7 Bedrooms | $2,876 |
| 8 Bedrooms | $3,020 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,560 | $168,306 | 0.93% | C |
| 3BR | $1,890 | $209,070 | 0.9% | C |
| 4BR | $2,050 | $234,289 | 0.87% | C |
U.S. Census Bureau data (2024)
The ZIP code 13074, located in Hannibal, NY, presents a market characterized by distinct dynamics between rental and ownership sectors. The Fair Market Rent (FMR) for ZIP 13074 in fiscal year 2024 is set at $1000, while the actual market rent, according to the Census ACS, is slightly higher at $1,212. This indicates that there's a slight premium on market rents over the government's benchmark, suggesting that demand for rental units may be steady or even slightly exceeding supply.
The median home value in ZIP 13074 is $191,066. Although the percentage of price-cut share and days on market (DOM) are not available, the median home value provides insight into the overall affordability of homeownership in the area. Given the relatively low median home value, it suggests that the cost of owning a home is within reach for many potential buyers, which could indicate a balanced market where neither supply nor demand significantly outpaces the other.
The 16.5% renter share highlights an interesting aspect of the local housing landscape. With a smaller proportion of renters compared to owners, the long-term housing pressure leans towards stability rather than a high demand for rentals. However, this also means that any increase in rental demand could quickly lead to tighter conditions if the supply of rental units doesn't keep pace. Landlords and small-portfolio investors should pay close attention to the rental sector's performance relative to the broader housing market trends.
In summary, ZIP 13074 appears to be a market where both rental and ownership sectors are stable, with rental prices slightly above the government's FMR. The lower median home value suggests a generally affordable environment for homeownership, but the modest renter share implies that the rental market remains sensitive to changes in demand. These factors combine to create a market in motion, where careful monitoring of local trends will be essential for informed decision-making.
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.