Location: Cayuga County, 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 | $1,310 |
| 1 Bedroom | $1,320 |
| 2 Bedrooms | $1,610 |
| 3 Bedrooms | $2,140 |
| 4 Bedrooms | $2,450 |
| 5 Bedrooms | $2,842 |
| 6 Bedrooms | $3,183 |
| 7 Bedrooms | $3,438 |
| 8 Bedrooms | $3,610 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,610 | $384,731 | 0.42% | F |
| 3BR | $2,140 | $308,363 | 0.69% | D |
| 4BR | $2,450 | $363,672 | 0.67% | D |
U.S. Census Bureau data (2024)
King Ferry, NY, located in ZIP code 13081, stands out in Cayuga County due to its unique demographic and economic characteristics. With a population of 1,122 residents, only 15.5% of whom rent their homes, the area maintains a strong sense of homeownership. The median income for households in King Ferry is $93,558, indicating a relatively affluent community. Additionally, the median home value of $322,806 reflects the high cost of living and property values in the region.
The dynamics of the rental market in King Ferry are significantly influenced by the availability of Section 8 vouchers. The Fair Market Rent (FMR) for the ZIP code for fiscal year 2024 is set at $1,660, which is notably higher than the Census-reported market rate of $1,482. This suggests that landlords who accept Section 8 vouchers can expect to receive higher rents compared to the local market average. However, it's important to note that the percentage of renters is quite low, which means that the demand for rental properties, even those accepting vouchers, may be limited.
Given the data signature, King Ferry appears to be a stable community with a strong preference for homeownership and a modest but steady rental market. The disparity between the FMR and the actual market rates provides an opportunity for landlords to potentially increase their rental income through the acceptance of Section 8 vouchers. However, the overall low rental rate indicates that the ZIP code is unlikely to experience significant transitional changes in the near future, maintaining its character as a predominantly owner-occupied area.
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.