Location: Cortland County, NY | Metro: Chenango County, NY
| Unit Size | Monthly FMR |
|---|---|
| Studio | $860 |
| 1 Bedroom | $870 |
| 2 Bedrooms | $1,080 |
| 3 Bedrooms | $1,410 |
| 4 Bedrooms | $1,810 |
| 5 Bedrooms | $2,100 |
| 6 Bedrooms | $2,352 |
| 7 Bedrooms | $2,540 |
| 8 Bedrooms | $2,667 |
U.S. Census Bureau data (2024)
The analysis of ZIP code 13136 in Cortland County, NY, reveals several key points for landlords and small-portfolio investors considering investment in this area.
The first question is whether the rent math works. The Fair Market Rent (FMR) for the area in fiscal year 2026 is set at $1,010. This compares favorably to the current market rent, which stands at $983 according to Census ACS data. Given that the FMR is slightly higher than the market rent, landlords can expect to align their rental rates with the FMR without significant resistance from potential tenants.
Secondly, regarding the affordability of acquisitions, the median home value in ZIP 13136 is $110,315. This relatively low figure suggests that purchasing properties in this area could be financially feasible for investors looking to acquire homes at a reasonable cost. However, due to the lack of data on days on market (DOM) and the percentage of homes that required a price cut before selling, it's challenging to assess the current market conditions for property sales accurately. Despite this limitation, the low median home value remains an attractive feature for potential acquisitions.
Lastly, there is a need to evaluate tenant demand. With a total population of 406, the renter share is 16.5%. This indicates that approximately 67 individuals in the ZIP code are likely seeking rental housing. While the number of potential renters is modest, it does provide a stable tenant base for those who manage properties effectively.
In conclusion, ZIP 13136 presents a viable opportunity for real estate investors, particularly those focused on rental income. The rent math supports setting competitive rates close to the FMR, making it possible to attract tenants without pricing out the local market. Although the acquisition process lacks detailed market condition data, the low median home value makes purchasing affordable. Tenant demand, while limited, offers a reliable pool of renters. For investors willing to navigate a smaller market, the combination of favorable rent-to-value ratios and manageable competition suggests a positive outlook.
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.