Location: Syracuse, NY | Metro: Syracuse, NY MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,080 |
| 1 Bedroom | $1,230 |
| 2 Bedrooms | $1,530 |
| 3 Bedrooms | $1,850 |
| 4 Bedrooms | $2,010 |
| 5 Bedrooms | $2,332 |
| 6 Bedrooms | $2,612 |
| 7 Bedrooms | $2,821 |
| 8 Bedrooms | $2,962 |
ZIP code 13089, located within the Syracuse, NY Metropolitan Statistical Area (MSA), has a Fair Market Rent (FMR) of $1150 for fiscal year 2024. This figure is crucial for landlords and small-portfolio investors as it represents the maximum allowable rent for federally subsidized housing programs such as Section 8.
To contextualize 13089's FMR within the broader Syracuse, NY MSA, we need to compare it against typical market rents and home values. However, the specific market rent and home value data for 13089 are currently unavailable. Similarly, the percentage of renters in 13089 is also not provided. Despite these limitations, we can still make some inferences based on the available data.
The FMR of $1150 suggests that 13089 could be a value pocket within the Syracuse MSA. Generally, areas with lower FMRs tend to attract a higher proportion of low-income tenants who rely on federal subsidies to afford housing. This makes them attractive to landlords seeking stable long-term rental income without the volatility associated with market-rate rents.
Without specific market rent and home value data for 13089, we cannot definitively categorize it as a mid-tier neighborhood or a premium sub-market. However, if we assume that the absence of market rent and home value data might indicate a less desirable area, this would align with the value pocket hypothesis. Areas with below-average home values and above-average renter shares are often considered sweet spots for Section 8 properties due to the concentration of eligible tenants.
In summary, ZIP code 13089 appears to be a value pocket within the Syracuse, NY MSA, given its relatively low FMR of $1150. This characteristic could signal an opportunity for landlords and investors interested in the Section 8 program, although further data on market rents and home values would provide a clearer picture.
Data Sources: FMR data from HUD (2027).
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.