Section 8 Fair Market Rent (FMR) for ZIP 13114 - 2027

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

Investment Score for ZIP 13114

Monthly Rent (2BR)

$1,260

Median Price (2BR)

$194,871

1% Rule

0.65%

Annual Yield

7.76%

Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$900
1 Bedroom	$1,020
2 Bedrooms	$1,260
3 Bedrooms	$1,530
4 Bedrooms	$1,670
5 Bedrooms	$1,937
6 Bedrooms	$2,169
7 Bedrooms	$2,343
8 Bedrooms	$2,460

Investment Analysis by Bedroom Size

Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)

Bedrooms	Monthly FMR	Median Price	1% Rule	Grade
2BR	$1,260	$194,871	0.65%	D
3BR	$1,530	$236,384	0.65%	D
4BR	$1,670	$269,848	0.62%	D

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

7,214

Median Household Income

$65,561

Housing Units

3,416

Renter Percentage

19.1%

Occupancy Rate

88.8%

Renter Occupied

578

Mexico, NY, located in ZIP code 13114, is a small town with a modest housing market that offers opportunities for both landlords and small-portfolio investors. The area's rental market is influenced by the federal guidelines set forth by the Fair Market Rent (FMR) and the actual market conditions reflected in the Census ACS data.

The Fair Market Rent for a two-bedroom apartment in ZIP 13114 for fiscal year 2024 is set at $1000, providing a benchmark for affordable housing standards.
The market rent for a similar unit, according to the latest Census ACS data, is $895, indicating a slight gap between federal guidelines and actual market rates.
The median home value in Mexico, NY, stands at $215,979, which reflects the overall property values in the area.
Renters make up 19.1% of the total population, suggesting a smaller but steady demand for rental properties.
The median income in the area is $65,561, offering insight into the financial capacity of potential tenants.

The data points indicate a stable rental market with a slight premium on federally guided rents over market rates. Given the median home value and income levels, there is a reasonable balance between affordability and investment potential. However, the relatively low renter share suggests that while the market is viable, it may be less robust compared to areas with higher concentrations of renters. Investors should consider these factors when evaluating the potential returns and occupancy risks in ZIP 13114.

Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-08-31). 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.