Location: Watertown-Fort Drum, 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 | $1,270 |
| 3 Bedrooms | $1,720 |
| 4 Bedrooms | $2,110 |
| 5 Bedrooms | $2,448 |
| 6 Bedrooms | $2,742 |
| 7 Bedrooms | $2,961 |
| 8 Bedrooms | $3,109 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,270 | $203,253 | 0.62% | D |
| 3BR | $1,720 | $236,044 | 0.73% | D |
| 4BR | $2,110 | $241,714 | 0.87% | C |
U.S. Census Bureau data (2024)
To determine if you should buy in ZIP 13145 (Sandy Creek, NY) for Section 8 purposes, follow this decision tree based on the provided data.
1) Does the FMR of $1100 cover debt service on a $178,411 property?
Yes: The Fair Market Rent (FMR) of $1100 per month is sufficient to cover the debt service on a property valued at $178,411. This indicates that the rental income can support the mortgage payments and other expenses associated with owning the property.
No: If the FMR of $1100 does not cover the debt service on a property valued at $178,411, then purchasing for Section 8 purposes would not be financially viable. The rental income would be insufficient to meet the financial obligations of the property.
It Depends: This scenario is unlikely given the provided data. However, if there are additional factors such as property taxes, insurance, or maintenance costs that affect the total debt service, further analysis would be required to make a final determination.
2) Is the market rent of $785 above, at, or below the FMR?
Above: If the market rent of $785 exceeds the FMR of $1100, it suggests that the local rental market is strong and landlords could potentially earn higher rents outside of the Section 8 program. This might indicate that focusing on Section 8 in this area is less advantageous.
At: If the market rent of $785 aligns closely with the FMR of $1100, it means that the Section 8 rent is competitive with the local market rates. Landlords can expect steady demand for Section 8 units without significant loss of potential income.
Below: If the market rent of $785 is significantly lower than the FMR of $1100, it implies that the Section 8 rent is higher than what most tenants can afford in the open market. This could be beneficial for landlords looking to secure stable, government-backed rental income.
3) Are 34.1% renters combined with N/A-day days on the market (DOM) enough demand?
Yes: With 34.1% of the population being renters and assuming a low DOM (days on the market), indicating quick leasing times, there is likely enough demand to fill Section 8 units promptly. Quick leasing reduces the risk of vacancy and ensures a steady stream of income.
No: If the DOM is high, suggesting slow leasing times, the 34.1% renter rate may not be sufficient to guarantee timely tenancy. High DOM could lead to extended periods of vacancy, impacting the financial viability of Section 8 investments.
It Depends: The N/A for DOM leaves some uncertainty. If the DOM is typically low in Sandy Creek, NY, the 34.1% renter rate supports enough demand. Conversely, if DOM is high, the demand may be insufficient. Additional research into local DOM trends is recommended to clarify this point.
Based on these criteria, landlords can make an informed decision about whether to invest in ZIP 13145 for Section 8 properties. The key factors are the ability of the FMR to cover debt service, the comparison between market rent and FMR, and the overall demand for rentals in the area.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-08-31). 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.