Location: Cayuga County, NY | Metro: Cayuga County, NY
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 | $850 |
| 1 Bedroom | $850 |
| 2 Bedrooms | $1,080 |
| 3 Bedrooms | $1,400 |
| 4 Bedrooms | $1,610 |
| 5 Bedrooms | $1,868 |
| 6 Bedrooms | $2,092 |
| 7 Bedrooms | $2,259 |
| 8 Bedrooms | $2,372 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $1,400 | $236,358 | 0.59% | F |
| 4BR | $1,610 | $275,973 | 0.58% | F |
U.S. Census Bureau data (2024)
22.2% of the residents in ZIP code 13147 are renters, indicating a significant demand for rental properties in the area. This statistic aligns with the $873 market rent observed according to the Census ACS, which provides a benchmark for rental prices. For comparison, the Fair Market Rent (FMR) for the metro area in fiscal year 2026 is set at $1,190, suggesting that landlords in 13147 have room to increase their rents without pricing out potential tenants.
$227,676 represents the median home value in ZIP 13147, a figure that reflects the overall property values in the region. While this might seem modest compared to larger metropolitan areas, it's important to note that the median income in the area stands at $74,934, providing insight into the economic context of the local population. The disparity between the median income and the median home value indicates that many residents may rely on rental housing, further supporting the demand for rental units.
The data shows that there is no available information on the average days on market (DOM) or the percentage of listings that require a price cut, which could be due to limited data availability or an efficient local real estate market. However, given the established demand for rentals and the relatively low market rent, it's reasonable to assume that rental properties in 13147 can attract tenants quickly.
In summary, ZIP 13147 presents a viable opportunity for landlords and small-portfolio investors looking to enter the rental market. With a 22.2% renter share and a median income of $74,934, there is a solid base of potential tenants who can afford the current market rent of $873. Moreover, the gap between the market rent and the FMR of $1,190 suggests a positive outlook for rental income growth. Given these factors, ZIP 13147 is recommended for Section 8 participation.
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.