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 | $900 |
| 1 Bedroom | $1,020 |
| 2 Bedrooms | $1,260 |
| 3 Bedrooms | $1,530 |
| 4 Bedrooms | $1,670 |
| 5 Bedrooms | $1,937 |
| 6 Bedrooms | $2,169 |
| 7 Bedrooms | $2,343 |
| 8 Bedrooms | $2,460 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,260 | $208,187 | 0.61% | D |
| 3BR | $1,530 | $235,767 | 0.65% | D |
| 4BR | $1,670 | $270,984 | 0.62% | D |
| 5BR | $1,937 | $274,692 | 0.71% | D |
U.S. Census Bureau data (2024)
The Section 8 cap-rate analysis for ZIP code 13142 in Pulaski, NY, reveals a distinct gap between the federal market rent (FMR) and the actual market rent. For a two-bedroom unit, the FMR for FY 2024 is set at $1010 annually, while the Census ACS indicates a market rent of $881 per year.
To derive the gross yield, we first calculate the annualized rental income based on these figures. Using the FMR, the annual rental income would be $1010, resulting in a gross yield of approximately 0.48% when divided by the median home value of $210,900. This calculation is straightforward: $1010 / $210,900 = 0.0048 or 0.48%. On the other hand, if we use the market rent figure of $881, the gross yield drops significantly to about 0.42%, calculated as $881 / $210,900 = 0.0042 or 0.42%.
The difference between these gross yields is notable, with the FMR providing a slightly higher return. However, the reality of the rental market in Pulaski, NY, must also be considered. With a renter density of 29.7%, the market may not fully support the higher FMR rates. Additionally, the lack of days-on-market (DOM) data suggests that the rental market might be stable, but it does not provide insight into how quickly units can be filled or the competition faced by landlords.
In conclusion, while the FMR scenario offers a marginally better gross yield at 0.48%, the actual market rent of $881 per year, yielding 0.42%, is likely more reflective of the current economic conditions in Pulaski, NY. Landlords and small-portfolio investors should expect a gross yield closer to 0.42% unless they can secure Section 8 tenants willing to pay the higher FMR rate. Given the moderate renter density, it is advisable to lean towards the lower gross yield when planning investment strategies.
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.