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 | $1,140 |
| 1 Bedroom | $1,300 |
| 2 Bedrooms | $1,620 |
| 3 Bedrooms | $1,960 |
| 4 Bedrooms | $2,130 |
| 5 Bedrooms | $2,471 |
| 6 Bedrooms | $2,768 |
| 7 Bedrooms | $2,989 |
| 8 Bedrooms | $3,138 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,620 | $204,163 | 0.79% | D |
| 3BR | $1,960 | $271,864 | 0.72% | D |
| 4BR | $2,130 | $332,667 | 0.64% | D |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 13132, Pennellville, NY, is set at $1020 for the fiscal year 2024. This figure represents the maximum amount that a landlord can charge for rent under the Section 8 program, which is part of the federal government's Housing Choice Voucher program. It is important to note that this is the payment standard, meaning it is the upper limit for what the government will subsidize, not necessarily the amount you will collect from your tenant.
In contrast, the average market rent for ZIP 13132, according to the Census American Community Survey, is $1,278. This indicates that the FMR is below the local market rate, suggesting that landlords who participate in the Section 8 program will receive less rent than they might from non-subsidized tenants. However, the program guarantees timely payments and regular maintenance, which can be appealing to new landlords.
The 8.5% renter share in Pennellville points to the portion of the population that relies on rental housing. Given the FMR and the local average rent, there is a significant demand for affordable housing options in this area. This demand suggests that if you choose to participate in the Section 8 program, you are likely to have tenants interested in renting your property.
If you're looking to acquire a property in ZIP 13132, the median home value is around $251,147. This figure provides an idea of the typical cost for a home in the area, which can help you determine whether a Section 8 rental is financially viable for your investment portfolio.
Before proceeding with your first Section 8 rental in Pennellville, ensure that your property meets the Housing Quality Standards (HQS) set by the Department of Housing and Urban Development (HUD). These standards cover a wide range of issues, including structural integrity, heating, plumbing, and safety, and are necessary to qualify for the program.
To summarize, the FMR of $1020 means that you will receive up to this amount from the government for each voucher holder you rent to, but it is lower than the local average rent of $1,278. With an 8.5% renter share, there is a solid demand for rental properties, especially those offering affordable rates. The median home value of $251,147 gives you a benchmark for property costs. Make sure your property passes the HQS inspection to avoid any disqualification issues.
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.