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 | $1,530 |
| 1 Bedroom | $1,750 |
| 2 Bedrooms | $2,180 |
| 3 Bedrooms | $2,640 |
| 4 Bedrooms | $2,870 |
| 5 Bedrooms | $3,329 |
| 6 Bedrooms | $3,728 |
| 7 Bedrooms | $4,026 |
| 8 Bedrooms | $4,227 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $2,180 | $152,731 | 1.43% | A |
| 3BR | $2,640 | $195,386 | 1.35% | A |
| 4BR | $2,870 | $227,325 | 1.26% | A |
U.S. Census Bureau data (2024)
The real estate market in ZIP 13120, Nedrow, NY, presents a nuanced picture that both landlords and small-portfolio investors should consider. The median home value stands at $180,586, indicating a relatively affordable market compared to many other areas in the United States. However, the lack of data on the percentage of listings that have been reduced and the median days on market (DOM) suggest a stable market with little fluctuation in recent times.
This stability implies that landlords and investors can expect steady rental income without significant volatility in property values. The Fair Market Rent (FMR) for ZIP 13120 for fiscal year 2024 is set at $1,170, which aligns closely with the current market rent of $1,170 as reported by the Census Bureau's American Community Survey. This parity between FMR and market rent signals that the rental market is neither overheated nor undervalued, suggesting a balanced environment where landlords can maintain competitive rents without sacrificing occupancy rates.
Investors looking to hold properties long-term should note that the current setup does not strongly indicate substantial appreciation in property values over the next 12-24 months. The median home value, combined with the stable rental market, suggests that any increases in property values will likely be modest and reflective of broader economic trends rather than local market forces. This scenario is particularly relevant for those considering Nedrow as part of their investment portfolio, as it implies a focus on cash flow rather than rapid capital gains.
However, the affordability of homes in Nedrow could attract first-time buyers and those seeking to relocate to a more cost-effective area. This demographic shift might provide some upward pressure on home values, though the extent will depend on broader economic conditions and the overall health of the housing market in Central New York.
To summarize, the current market indicators in ZIP 13120 imply a stable environment with limited pricing power for significant appreciation in the short term. Landlords and small-portfolio investors should focus on maintaining competitive rental rates and leveraging the steady demand for affordable housing to ensure consistent cash flows.
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.