Location: Syracuse, NY | Metro: Syracuse, NY MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,270 |
| 1 Bedroom | $1,450 |
| 2 Bedrooms | $1,810 |
| 3 Bedrooms | $2,190 |
| 4 Bedrooms | $2,380 |
| 5 Bedrooms | $2,761 |
| 6 Bedrooms | $3,092 |
| 7 Bedrooms | $3,339 |
| 8 Bedrooms | $3,506 |
U.S. Census Bureau data (2024)
The rent math in ZIP code 13090 does not work in favor of landlords participating in the Section 8 program. The Fair Market Rent (FMR) for fiscal year 2024 is set at $1300, which is significantly lower than the market rent of $2373 as indicated by ZORI. This gap means that landlords will receive less income from Section 8 tenants compared to what they could earn from market-rate rentals.
Regarding acquisition affordability, the median home value of $292,198 suggests that purchasing property in this area is reasonably priced. However, the lack of data on days on market (DOM) and the low 0.1% price-cut share indicate that homes are not frequently being listed or discounted. This implies a stable market where homes might be harder to acquire at a discount.
Tenant demand is present but not overwhelming. With a total population of 29,004 and a 32.1% renter share, there are approximately 9,313 potential renters. This number provides a solid base of tenants, though it's important to note that the majority of residents in the area are homeowners, which could affect the pool of eligible Section 8 applicants.
In summary, while there is a tenant base in ZIP 13090, the disparity between the FMR and market rent makes participation in the Section 8 program financially unattractive for most landlords. The stable housing market offers limited opportunities for acquiring properties at a discount, further complicating the investment strategy. Landlords should carefully consider these factors before engaging in this ZIP code under the Section 8 program.
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.