Location: Watertown-Fort Drum, 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 | $940 |
| 1 Bedroom | $1,070 |
| 2 Bedrooms | $1,330 |
| 3 Bedrooms | $1,720 |
| 4 Bedrooms | $2,110 |
| 5 Bedrooms | $2,448 |
| 6 Bedrooms | $2,742 |
| 7 Bedrooms | $2,961 |
| 8 Bedrooms | $3,109 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,330 | $174,530 | 0.76% | D |
| 3BR | $1,720 | $223,199 | 0.77% | D |
| 4BR | $2,110 | $244,714 | 0.86% | C |
U.S. Census Bureau data (2024)
The classification of ZIP code 13083, located in Lacona, NY, reveals a unique balance between yield and stability that could be particularly appealing to certain types of real estate investors.
On the yield axis, the data indicates a strong potential. The Fair Market Rent (FMR) for the fiscal year 2024 is set at $1100, while the market rent stands at $881. This suggests that properties in this area could benefit from the Section 8 program, which would cover a higher rent amount than what the market currently dictates. With an average home value of $182,264, the disparity between FMR and market rent implies a significant upside for landlords who can leverage the higher rental rates offered through Section 8 contracts.
Moving to the stability axis, the picture becomes slightly less favorable but still offers some positives. Only 19.5% of residents are renters, which is a relatively low percentage and might indicate a smaller pool of potential tenants. Additionally, the median household income of $71,667 provides insight into the financial health of the local population, suggesting that while there is demand for affordable housing, the overall economic conditions support a moderate level of tenant stability. The lack of data on days on market (DOM) makes it challenging to assess the speed at which properties might be rented, but the income figure supports the idea that tenants can generally afford their rent payments.
Based on these figures, ZIP 13083 appears to be a high-yield/low-stability market. The substantial difference between the FMR and market rent, combined with the lower percentage of renters, points towards a scenario where landlords could achieve higher returns per unit but might face challenges in maintaining a consistent tenant base. For investors looking to maximize returns through Section 8 subsidies and willing to manage a potentially higher turnover rate, this area presents an opportunity. However, those seeking a steady cash flow with minimal management might find the instability concerning.
To summarize, the key figures driving this assessment are:
These factors collectively suggest that ZIP 13083 leans towards being a high-yield market with inherent instability, making it suitable for investors with a tolerance for higher risk and a focus on maximizing rental income through government subsidies.
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.