Location: Syracuse, NY | Metro: Syracuse, NY MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,170 |
| 1 Bedroom | $1,340 |
| 2 Bedrooms | $1,670 |
| 3 Bedrooms | $2,020 |
| 4 Bedrooms | $2,190 |
| 5 Bedrooms | $2,540 |
| 6 Bedrooms | $2,845 |
| 7 Bedrooms | $3,073 |
| 8 Bedrooms | $3,227 |
U.S. Census Bureau data (2024)
The economics of Section 8 in ZIP code 13115 are straightforward and critical for landlords and small-portfolio investors to understand. The SAFMR (Section 8 Area Fair Market Rent) for a two-bedroom apartment in this specific ZIP code for fiscal year 2024 is set at $1160. This figure represents the maximum amount that the Housing Choice Voucher program will pay towards the rent of a two-bedroom unit in ZIP 13115.
To break it down further, let's consider the components that make up the total reimbursement. A voucher holder is typically responsible for paying 30% of their adjusted income towards rent. The remaining 70% is covered by the government through the voucher program. However, the reimbursement cannot exceed the SAFMR. Additionally, utility allowances are factored into the overall payment structure but do not affect the base rental amount directly.
Given that the local market rent data is not available, we can still provide insight based on the SAFMR. If a landlord sets the rent above $1160, the excess amount must be paid entirely by the tenant. For instance, if the market rent were hypothetically $1300, the landlord would receive $1160 from the voucher program, and the tenant would need to cover the additional $140 out-of-pocket. This scenario highlights the reimbursement gap where the landlord receives less than the full market rent.
In contrast, if the market rent is below the SAFMR, the landlord might see a surplus. Assuming a lower market rent of $1000, the landlord would still receive the full $1160 from the voucher program, effectively exceeding the market rate by $160. This surplus is beneficial for landlords as it provides a higher guaranteed income compared to what they could otherwise charge.
The SAFMR of $1160 for a two-bedroom unit in ZIP 13115 is the cap for government reimbursement. Landlords should set their rents accordingly, understanding that any amount above this will be the sole responsibility of the tenant. This can lead to either a reimbursement gap or a surplus, depending on the actual market conditions.
In summary, for a two-bedroom apartment in ZIP 13115, the typical reimbursement gap or surplus will vary based on the actual market rent. Given the SAFMR of $1160, landlords should carefully assess whether the local market rent is above or below this level to determine their financial outcome.
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.