Section 8 Fair Market Rent (FMR) for ZIP 13153 - 2027

Location: Syracuse, NY | Metro: Syracuse, NY MSA

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$1,120
1 Bedroom	$1,240
2 Bedrooms	$1,540
3 Bedrooms	$1,900
4 Bedrooms	$2,090
5 Bedrooms	$2,424
6 Bedrooms	$2,715
7 Bedrooms	$2,932
8 Bedrooms	$3,079

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

403

Median Household Income

$158,688

Housing Units

135

Renter Percentage

N/A

Occupancy Rate

100.0%

Renter Occupied

To determine if a landlord should buy in ZIP code 13153 for Section 8 purposes, follow this decision tree:

Does the Fair Market Rent (FMR) of $1220 cover the debt service on a property?
- If the FMR does not clear the debt service, the answer is No. Do not proceed with purchasing in this area.
- If the FMR does clear the debt service, move to the next question.
Is the market rent above, at, or below the FMR?
- If the market rent is above $1220, landlords might prefer renting outside the Section 8 program to maximize income. The answer is It Depends, considering the landlord's goals.
- If the market rent is at or below $1220, landlords can confidently participate in the Section 8 program without losing out on potential higher rents. The answer is Yes.
Are there sufficient renters and days on the market (DOM) to ensure demand?
- If the percentage of renters is 0.0% and the DOM is N/A, this indicates a lack of demand. The answer is No. Landlords should look elsewhere where there is a proven demand for rental properties.

The decision to invest in ZIP 13153 for Section 8 properties hinges on these factors. Clearing debt service with the FMR is critical; otherwise, the investment won't be financially viable. Market conditions, particularly whether market rents are competitive with the FMR, also play a significant role. Lastly, the presence of sufficient demand, measured by the number of renters and the DOM, ensures that the property will remain occupied, generating consistent income.

Data Sources: FMR data from HUD (2027). 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.