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 | $1,240 |
| 1 Bedroom | $1,420 |
| 2 Bedrooms | $1,770 |
| 3 Bedrooms | $2,140 |
| 4 Bedrooms | $2,330 |
| 5 Bedrooms | $2,703 |
| 6 Bedrooms | $3,027 |
| 7 Bedrooms | $3,269 |
| 8 Bedrooms | $3,432 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,770 | $301,448 | 0.59% | F |
| 3BR | $2,140 | $355,108 | 0.6% | D |
| 4BR | $2,330 | $524,819 | 0.44% | F |
| 5BR | $2,703 | $666,521 | 0.41% | F |
U.S. Census Bureau data (2024)
The analysis for the Section 8 program in ZIP code 13078, centered around Jamesville, NY, reveals a significant gap between the Fair Market Rent (FMR) and the actual market rent. The FMR for ZIP 13078 in fiscal year 2024 is set at $1360, while the Census American Community Survey (ACS) reports the market rent at $1140. This means that the FMR is $220 higher than the market rent, representing an increase of approximately 19.3%.
The higher FMR compared to the market rent makes Jamesville, NY a prime location for landlords and small-portfolio investors looking to maximize their yields. Voucher tenants, who are subsidized by the government up to the FMR level, provide a guaranteed income stream that is above what the local market typically offers. This can be particularly attractive given the relatively low percentage of renters in the area, which stands at 14.8%, indicating less competition for rental properties.
In Jamesville, NY, the median home value is $423,580, and the median income is $119,191. These figures suggest that the local economy supports a middle to upper-middle-class population, which could mean that landlords might find it challenging to attract non-subsidized tenants willing to pay the higher FMR rate. However, the Section 8 program ensures that tenants can afford the rent, making it a reliable source of income despite the disparity with market rates.
Investing in Section 8 properties in Jamesville, NY can thus be seen as a strategic move to capitalize on the government subsidy, which covers the difference between the market rate and the FMR. This allows landlords to charge a rent that is higher than what the open market would bear, thereby increasing their potential returns on investment.
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.