Location: Cortland County, 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 | $1,010 |
| 1 Bedroom | $1,060 |
| 2 Bedrooms | $1,320 |
| 3 Bedrooms | $1,640 |
| 4 Bedrooms | $2,050 |
| 5 Bedrooms | $2,378 |
| 6 Bedrooms | $2,663 |
| 7 Bedrooms | $2,876 |
| 8 Bedrooms | $3,020 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $1,640 | $234,131 | 0.7% | D |
U.S. Census Bureau data (2024)
The Section 8 thesis for ZIP code 13141 is centered around the disparity between the Fair Market Rent (FMR) set at $1050 for fiscal year 2024 and the actual market rent, which stands at $1,107 according to the Census ACS data. This creates a gap of $57, or approximately 5.4%, where landlords can either benefit or face challenges depending on their strategy.
Given that the FMR is lower than the market rent, landlords who accept housing vouchers will be renting their properties below the open-market rate. The implication here is that landlords must consider the trade-offs between accepting Section 8 vouchers and achieving higher rental yields through market-rate rents. The gap suggests that voucher tenants might offer a more stable income stream but at a slightly reduced rate compared to what could be earned from non-voucher tenants.
In ZIP 13141, only 9.5% of the population are renters, indicating a primarily owner-occupied area. The median home value is $212,032, and the median household income is $80,208. These figures provide valuable context for understanding the local real estate landscape. Despite the relatively low proportion of renters, the median income suggests that residents have a reasonable financial cushion to afford housing costs, including those covered by Section 8 vouchers.
The analysis of the Section 8 program's impact on investment yields in ZIP 13141 should focus on the balance between stability and potential yield. Landlords must weigh the benefits of guaranteed rental income against the opportunity cost of leaving money on the table by not charging market rates. For small-portfolio investors, the decision to participate in the Section 8 program may depend on the specific property's location and condition, as well as the overall investment goals.
To summarize, the $57 difference between the FMR and market rent represents a 5.4% discount for voucher tenants. This gap highlights the need for careful consideration when deciding whether to accept Section 8 vouchers. While it offers a stable tenant base, it also means foregoing a portion of the potential rental income that could be achieved in the open market. Investors should evaluate these factors alongside the broader economic context of ZIP 13141 to make informed decisions.
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.