Location: Ithaca, NY | Metro: Ithaca, NY MSA
| 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 |
U.S. Census Bureau data (2024)
The real estate landscape in ZIP code 13102 is poised for careful consideration by both landlords and small-portfolio investors. The median home value in this area remains unspecified, which can indicate a wide range of property values that could affect pricing strategies. However, with N/A% of listings being reduced and a median days on market (DOM) of N/A days, there is a clear signal of a balanced market where neither buyers nor sellers have significant pricing power. This suggests that the market is stable, and prices are unlikely to fluctuate drastically over the next 12-24 months.
On the rental side, the Fair Market Rent (FMR) for ZIP 13102 is set at $1340 for fiscal year 2024. Comparing this figure to the current market rent of N/A dollars, it becomes evident that there is either parity or a slight margin that needs to be defined. If the current market rent is below $1340, landlords might consider adjusting their rents upward to align with the FMR, ensuring compliance with federal guidelines and potentially increasing income. Conversely, if the market rent exceeds $1340, it indicates a premium market where demand outstrips supply, but such a scenario would need verification through specific data points.
For long-term hold investors, the appreciation thesis in ZIP 13102 appears to be realistic but cautious. Given the stable market conditions indicated by the percentage of reduced listings and the median DOM, properties are likely to appreciate at a modest rate, reflective of broader economic trends rather than local market anomalies. Long-hold investors should focus on maintaining properties to ensure they remain competitive and attractive to tenants, which will support steady rental income and gradual appreciation. Without specific historical appreciation rates, it's clear that rapid growth is not implied by the data, and investors should prepare for a measured increase in property values over time.
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.