Section 8 Fair Market Rent (FMR) for ZIP 13093 - 2027

FY 2027 Fair Market Rent Rates

The economics of Section 8 housing in ZIP code 13093, located in Syracuse County, NY, can be quite straightforward once you understand the components involved. For a two-bedroom apartment, the SAFMR (Small Area Fair Market Rent) for fiscal year 2024 is set at $1040. This SAFMR is specifically tailored for this ZIP code, meaning it reflects the rental conditions unique to 13093.

The SAFMR does not directly equate to the total amount a landlord will receive from a voucher holder. Instead, it serves as the upper limit for the amount that the government will reimburse a landlord. The actual payment received depends on the tenant's contribution and any utility allowances. Typically, tenants are required to pay 30% of their adjusted income towards rent. If the tenant's portion plus the utility allowance does not reach the SAFMR, the government covers the difference up to the SAFMR limit.

To illustrate, let’s assume a tenant’s income requires them to contribute $300 towards rent. If the utility allowance is $100, then the total contribution towards rent would be $400. In this case, the government would reimburse the landlord the remaining amount to make up the SAFMR, which is $640. Therefore, the landlord would receive the full SAFMR of $1040.

However, if the tenant’s portion and utility allowance exceed the SAFMR, the landlord is responsible for the excess. For example, if the tenant contributes $500 and the utility allowance is $150, making a total of $650, the government would still only reimburse up to $1040. If the landlord charges $1100, they would have to absorb the $60 difference.

In ZIP 13093, given the SAFMR of $1040 for a two-bedroom unit, landlords should expect a reimbursement gap if they charge above this amount. Conversely, if the local market rent is below $1040, landlords might see a surplus. Since the local market rent data is currently unavailable, landlords must carefully consider their rental rates to ensure they do not overcharge and thus face financial shortfalls.

To summarize, the SAFMR for ZIP 13093 for a two-bedroom apartment is $1040. Landlords need to calculate the tenant's contribution and utility allowance to determine their actual reimbursement. If the local market rent is lower than the SAFMR, landlords may benefit from a surplus; otherwise, they could face a reimbursement gap if they charge above the SAFMR.

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.