Location: Cayuga County, NY | Metro: Ithaca, 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 | $1,140 |
| 1 Bedroom | $1,320 |
| 2 Bedrooms | $1,580 |
| 3 Bedrooms | $1,900 |
| 4 Bedrooms | $2,370 |
| 5 Bedrooms | $2,749 |
| 6 Bedrooms | $3,079 |
| 7 Bedrooms | $3,325 |
| 8 Bedrooms | $3,491 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,580 | $207,655 | 0.76% | D |
| 3BR | $1,900 | $244,381 | 0.78% | D |
| 4BR | $2,370 | $294,262 | 0.81% | C |
U.S. Census Bureau data (2024)
The potential pitfalls of investing in ZIP 13092 under the Section 8 program include significant tenant turnover due to the gap between the market rent of $1,183 and the Fair Market Rent (FMR) of $1,340 for FY 2024. This disparity can lead to frequent changes in occupancy, which may disrupt property management and increase administrative costs.
Vacancy exposure is another concern, as the days on market (DOM) data is currently unavailable. This lack of information makes it difficult to predict how long a unit might remain vacant between tenants, thereby affecting cash flow stability.
The deferred maintenance risk is also notable. With a typical home value of $232,339 and a median household income of $78,056, residents may struggle to afford timely repairs and maintenance. Landlords should be prepared for higher-than-average maintenance expenses, especially if they are new to the Section 8 program.
However, these risks are tempered by the high renter share of 18.0%. A larger proportion of renters often translates into higher demand for housing vouchers, potentially stabilizing occupancy rates and reducing vacancy periods. Additionally, the FMR set at $1,340 provides a benchmark that can help landlords avoid overpricing their units and losing out on potential voucher-assisted tenants.
In conclusion, the risks associated with Section 8 investments in ZIP 13092 are moderate, primarily due to the challenges of managing tenant turnover and deferred maintenance, but offset by the strong rental market presence.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-07-31). 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.