Location: Syracuse, NY | Metro: Syracuse, NY MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,090 |
| 1 Bedroom | $1,250 |
| 2 Bedrooms | $1,560 |
| 3 Bedrooms | $1,880 |
| 4 Bedrooms | $2,050 |
| 5 Bedrooms | $2,378 |
| 6 Bedrooms | $2,663 |
| 7 Bedrooms | $2,876 |
| 8 Bedrooms | $3,020 |
U.S. Census Bureau data (2024)
The HUD Fair Market Rent (FMR) for ZIP 13138 in Syracuse, NY for fiscal year 2024 is set at $1,180. However, comparing this figure to the current market rent reveals a significant discrepancy. Recent listings on Trulia show that single-family homes for rent in nearby ZIP codes are priced much higher, ranging from $1,950 to $2,991 per month. Given these figures, voucher tenants in ZIP 13138 would only cashflow at the FMR rate with premium units, indicating a challenging environment for landlords relying solely on Section 8 vouchers.
The median home value in the area is not provided, but based on the rental prices of nearby ZIP codes, we can infer that the rent-to-price ratio is likely favorable for homeownership over renting. This suggests that the housing market may be more stable for those who choose to purchase rather than lease.
Investors should focus on the stability angle, as the consistent demand for housing in the Syracuse metropolitan area ensures a steady stream of potential tenants, even if cashflow margins are thin. The appreciation potential in the area remains uncertain without specific data on property values, but the current rental market dynamics indicate a strong preference for owning over renting.
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.