Location: Syracuse, NY | Metro: Syracuse, NY MSA
Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,030 |
| 1 Bedroom | $1,180 |
| 2 Bedrooms | $1,470 |
| 3 Bedrooms | $1,780 |
| 4 Bedrooms | $1,930 |
| 5 Bedrooms | $2,239 |
| 6 Bedrooms | $2,508 |
| 7 Bedrooms | $2,709 |
| 8 Bedrooms | $2,844 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,470 | $197,837 | 0.74% | D |
| 3BR | $1,780 | $271,165 | 0.66% | D |
| 4BR | $1,930 | $318,524 | 0.61% | D |
U.S. Census Bureau data (2024)
The ZIP code 13116, located in Minoa, NY, falls within the larger Syracuse, NY Metropolitan Statistical Area (MSA). When analyzing the Fair Market Rent (FMR) of $1150 for ZIP 13116 in fiscal year 2024, we see that it is higher than the average market rent of $1,027 for the area. This suggests that 13116 has slightly elevated rental costs compared to the typical ZIP codes within the Syracuse MSA.
The median home value in 13116 stands at $258,445. This figure is indicative of a mid-tier neighborhood within the Syracuse MSA, as it aligns closely with the average home values across the region. However, when considering the 16.4% renter share, which is above the national average but not necessarily unusual for suburban areas, we can make some inferences about the ZIP's position relative to other markets within the MSA.
A comparison between the FMR and the market rent shows a significant gap, with FMR being notably higher. This discrepancy can be interpreted as a potential indicator for landlords and small-portfolio investors interested in Section 8 housing opportunities. The higher FMR in relation to the market rent could signal a favorable environment for properties eligible under the Section 8 program, where subsidies might cover a greater portion of the rent relative to other ZIP codes in the area.
Given the combination of slightly elevated rental costs and a renter share that is relatively high, especially when paired with home values that are in line with the mid-tier range, 13116 appears to present a value pocket for those looking to invest in Section 8 properties. This conclusion is based on the observation that a higher proportion of renters coupled with lower-than-FMR market rents often signifies an area where Section 8 vouchers are more commonly used, making it attractive for landlords seeking stable rental income through government assistance programs.
In summary, 13116 is positioned as a mid-tier neighborhood within the Syracuse MSA, with a slight edge towards being a value pocket for Section 8 investments due to its specific combination of rental and home value metrics. This makes it a strategic choice for investors focused on steady, subsidized rental income.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-07-31). 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.