Location: Cortland County, NY | Metro: Cortland County, NY
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,080 |
| 1 Bedroom | $1,100 |
| 2 Bedrooms | $1,380 |
| 3 Bedrooms | $1,730 |
| 4 Bedrooms | $2,240 |
| 5 Bedrooms | $2,598 |
| 6 Bedrooms | $2,910 |
| 7 Bedrooms | $3,143 |
| 8 Bedrooms | $3,300 |
U.S. Census Bureau data (2024)
The analysis for the Section 8 program in ZIP code 13087 reveals a significant gap between the Fair Market Rent (FMR) and the actual market rent. The FMR for the metro area in fiscal year 2026 is set at $1,360. However, the current market rent is not available, which means we cannot directly calculate the dollar amount or percentage gap between these two figures. Nonetheless, the absence of market rent data suggests that the rental market in this area might be less active or less documented compared to other regions.
In the context where FMR exceeds the market rent, the ZIP code would typically present an opportunity for landlords and small-portfolio investors to maximize their yields. Voucher tenants, who are subsidized by the government, can ensure a steady stream of income that aligns closely with the FMR. This stability is particularly attractive given that only 0.0% of residents are renters, indicating a predominantly owner-occupied community. The median home value is not available, but the median household income stands at $97,125, which is considerably higher than the FMR. This high median income could imply a robust local economy, making it a favorable environment for rental properties, especially those catering to voucher holders.
However, if the market rent were known and exceeded the FMR, landlords accepting Section 8 vouchers would face a different scenario. They would be renting units at rates below what the open market demands, potentially reducing their profitability. In such a case, the decision to participate in the Section 8 program must be weighed against the potential loss in revenue. The high median income of $97,125 might still provide some cushion, as it indicates that residents have the financial capability to afford higher rents, suggesting that non-voucher rentals could command premium prices.
To conclude, the viability of Section 8 participation in ZIP 13087 depends heavily on the actual market rent. With the FMR at $1,360 and without market rent data, the primary appeal lies in the stability provided by voucher tenants in a low-renter occupancy area. Landlords should consider the economic strength indicated by the median income when deciding whether to engage with the Section 8 program or seek higher returns through market-rate rentals.
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.