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 | $1,250 |
| 1 Bedroom | $1,430 |
| 2 Bedrooms | $1,780 |
| 3 Bedrooms | $2,160 |
| 4 Bedrooms | $2,340 |
| 5 Bedrooms | $2,714 |
| 6 Bedrooms | $3,040 |
| 7 Bedrooms | $3,283 |
| 8 Bedrooms | $3,447 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,780 | $234,874 | 0.76% | D |
| 3BR | $2,160 | $308,652 | 0.7% | D |
| 4BR | $2,340 | $384,876 | 0.61% | D |
U.S. Census Bureau data (2024)
The median household income in ZIP code 13084, La Fayette, NY, stands at $91,389. Given the market rate rent of $1,315 according to the Census ACS, it's important to evaluate whether this aligns with residents' financial capabilities. The Family Monthly Income (FMI) used to determine Housing Choice Voucher payments is set at $1070 for zip code 13084 in fiscal year 2024. This suggests a significant gap between the market rate and the voucher payment standard.
To put this into perspective, let's break down the numbers. A household earning the median income of $91,389 would allocate approximately 16% of their annual income towards the market rate rent of $1,315 per month. This is considered affordable under most standards. However, when comparing the market rate to the voucher payment, which is $1070 per month, landlords could see a notable difference in revenue. For instance, if a landlord relies solely on voucher payments, they would receive about $245 less per unit each month compared to the market rate.
With 23.8% of the 4,159 population being renters, the competition among landlords in La Fayette is moderate. The affordability gap means that landlords might face challenges in attracting tenants who prefer the security and stability of voucher payments over paying the higher market rate. This could lead to a scenario where landlords have to choose between accepting lower rents through vouchers or targeting the smaller segment of the market willing to pay $1,315 per month.
The takeaway for landlords considering voucher versus cash-pay strategies is clear: while vouchers ensure steady, government-backed rental income, they come at a cost of reduced monthly revenue. Landlords should weigh the benefits of guaranteed payments against the potential for higher profits from market-rate tenants. In ZIP 13084, landlords who wish to maximize their earnings must be prepared to compete with others offering similar rates, while those opting for voucher tenants can expect a more stable but lower-income stream.
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.