Section 8 Fair Market Rent (FMR) for ZIP 13103 - 2027

Location: Syracuse, NY | Metro: Syracuse, NY MSA

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$1,170
1 Bedroom	$1,310
2 Bedrooms	$1,620
3 Bedrooms	$1,970
4 Bedrooms	$2,220
5 Bedrooms	$2,575
6 Bedrooms	$2,884
7 Bedrooms	$3,115
8 Bedrooms	$3,271

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

224

Median Household Income

$80,000

Housing Units

100

Renter Percentage

20.0%

Occupancy Rate

100.0%

Renter Occupied

ZIP code 13103, located in Cortland, New York, is a modest-sized community characterized by a blend of residential areas and local amenities. The region offers a stable environment for both long-term residents and potential renters, making it an attractive location for real estate investment.

The Fair Market Rent (FMR) for ZIP 13103 in fiscal year 2024 is set at $1,690, indicating the government's benchmark for affordable rental housing in the area.
The Census Bureau's American Community Survey (ACS) reports that the average market rent in ZIP 13103 stands at $1,643, closely aligning with the FMR and suggesting a competitive rental market.
The median income for households in ZIP 13103 is $80,000, providing tenants with a solid financial foundation to support rental payments.
Renters make up 20.0% of the population, reflecting a moderate demand for rental properties in the area.
Due to limited data availability, the median days on market (DOM) for properties in ZIP 13103 could not be determined, but the existing metrics suggest a steady pace of transactions.
The median home value is not available for ZIP 13103, which may indicate a predominantly rental-focused market rather than one driven by homeownership.

The data points highlight a balanced rental market in ZIP 13103, where the government's FMR closely matches the actual market rents. With a median household income of $80,000, tenants have the financial capacity to meet these rental rates. The moderate share of renters at 20.0% suggests a consistent demand for rental properties, making it a suitable investment for those looking to enter the market. Although the exact median days on market cannot be pinpointed, the other indicators suggest a stable and predictable environment for landlords and small-portfolio investors. In summary, ZIP 13103 presents a viable opportunity for rental investments, with reasonable expectations for occupancy and rental income based on the current economic conditions and government standards.

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.