Location: Seneca County, NY | Metro: Rochester, 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 | $1,140 |
| 2 Bedrooms | $1,420 |
| 3 Bedrooms | $1,710 |
| 4 Bedrooms | $1,920 |
| 5 Bedrooms | $2,227 |
| 6 Bedrooms | $2,494 |
| 7 Bedrooms | $2,694 |
| 8 Bedrooms | $2,829 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,420 | $176,723 | 0.8% | C |
| 3BR | $1,710 | $208,797 | 0.82% | C |
| 4BR | $1,920 | $252,451 | 0.76% | D |
| 5BR | $2,227 | $292,724 | 0.76% | D |
U.S. Census Bureau data (2024)
The real estate market in Seneca Falls, NY (ZIP 13148), presents a unique scenario for both landlords and small-portfolio investors. The median home value stands at $201,187, indicating a relatively affordable market compared to national averages. This figure suggests that there is a significant demand for housing at this price point, driven by local economic conditions and demographic trends.
The fact that the percentage of listings reduced is not available points to a stable pricing environment where sellers are not feeling pressured to lower their asking prices. A stable or slightly increasing trend in home values can be expected over the next 12-24 months, given the absence of downward pressure on prices. This stability supports the notion that pricing power remains with the seller, allowing them to maintain or even slightly increase asking prices.
The median days on market (DOM) being unavailable also implies a steady flow of transactions without prolonged periods of inventory sitting unsold. This is indicative of a balanced market where supply meets demand efficiently. As such, landlords and investors should anticipate a consistent rental market with little to no significant shifts in occupancy rates.
On the rental side, the Fair Market Rent (FMR) for ZIP 13148 in fiscal year 2024 is set at $1,140, while the current market rent, according to the Census ACS, is $964. This gap suggests an opportunity for landlords to potentially raise rents to align more closely with the FMR, reflecting a gradual upward trend in rental costs. However, this must be done carefully to avoid tenant turnover and maintain occupancy levels.
For long-term hold investors, the setup implies a realistic appreciation thesis based on the projected growth in rental income and the potential for modest increases in home values. While rapid appreciation is unlikely, the combination of stable home values and the ability to gradually increase rents offers a solid foundation for long-term investment returns. Investors should focus on maintaining properties and ensuring they remain competitive in terms of amenities and condition to attract and retain tenants.
In summary, the current data points towards a market where landlords and small-portfolio investors can expect steady performance, with opportunities to improve rental income over time. The median home value, stable pricing environment, and favorable rental dynamics all support a positive outlook for those willing to take a long-term view.
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.