Location: Cortland County, NY | Metro: Syracuse, NY MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,110 |
| 1 Bedroom | $1,120 |
| 2 Bedrooms | $1,400 |
| 3 Bedrooms | $1,760 |
| 4 Bedrooms | $2,310 |
| 5 Bedrooms | $2,680 |
| 6 Bedrooms | $3,002 |
| 7 Bedrooms | $3,242 |
| 8 Bedrooms | $3,404 |
U.S. Census Bureau data (2024)
ZIP code 13077, located in Homer, NY, falls within the Cortland County, NY metro area. Its Fair Market Rent (FMR) for fiscal year 2024 is set at $1,100, which is lower than the market rent of $1,207. This indicates that while the government subsidy aims to cover a significant portion of rental costs, there is still a slight gap between what is subsidized and what the market demands.
The median home value in ZIP 13077 stands at $221,305, which is notably lower than many other ZIP codes in the same county. Given that the renter share is 25.0%, it suggests a moderate proportion of residents rely on renting, compared to owning their homes.
To determine if ZIP 13077 is a value pocket, a mid-tier neighborhood, or a premium sub-market within its metro, we must consider the relationship between these figures. The lower FMR relative to market rent, combined with a below-average home value, points towards a value pocket. This means that it offers more affordable options for both renters and buyers, making it an attractive area for those seeking cost-effective real estate opportunities.
The divergence of having a relatively high renter share with lower home values can indeed signal a Section 8 sweet spot. Landlords in ZIP 13077 can benefit from the availability of Section 8 vouchers, as they ensure a steady stream of tenants who can afford the rent through government assistance. This makes the area particularly appealing for landlords and small-portfolio investors looking to capitalize on the housing support program.
In summary, ZIP 13077 in Homer, NY, presents itself as a value pocket within the Cortland County, NY metro. It offers affordable rents and home values, aligning well with the needs of low-income households. The presence of a significant number of renters, likely supported by Section 8 vouchers, ensures a stable tenant base for property owners.
Data Sources: FMR data from HUD (2027). 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.