Location: Cortland County, 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 | $1,810 |
| 5 Bedrooms | $2,100 |
| 6 Bedrooms | $2,352 |
| 7 Bedrooms | $2,540 |
| 8 Bedrooms | $2,667 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $1,530 | $205,176 | 0.75% | D |
| 4BR | $1,810 | $210,476 | 0.86% | C |
U.S. Census Bureau data (2024)
The ZIP code 13158 has a population of 1,217 residents, with 21.3% being renters. The median household income stands at $85,208, indicating a moderate-income area. The market rent for this area is $876 per month, which represents approximately 10.3% of the median household income. This percentage is calculated by dividing the monthly rent by the annual income and multiplying by 100: ($876 / $85,208) * 12 = 12.7%. This suggests that rent is a significant but manageable portion of income for most households.
Comparing the market rent to the Fair Market Rent (FMR), which is set at $1,000 for FY 2024, indicates that the market rent is slightly below the FMR. This can be beneficial for landlords, as it means they can potentially attract tenants who qualify for housing vouchers without having to significantly increase their rental rates. The FMR serves as a benchmark for determining the maximum rent that voucher holders can pay, making it an important figure for landlords to consider.
In terms of the tenant profile, landlords in ZIP 13158 should expect a mix of individuals and families who rely on Section 8 vouchers to supplement their rental payments. Given the relatively low market rent compared to the FMR, these tenants will likely have a reasonable amount of disposable income after paying rent. They are likely to be working-class individuals or families, possibly including those who work in service industries, retail, or other sectors that offer modest wages.
Additionally, landlords should anticipate that some tenants may be first-time renters or individuals transitioning from homeownership to renting due to economic pressures or lifestyle changes. These tenants might require guidance on lease agreements and property maintenance expectations.
To conclude, while ZIP 13158 is not heavily dominated by renters, there is a substantial enough tenant pool to make Section 8 properties viable. Landlords can expect a steady demand for rental units, particularly those priced around the market rate of $876. With rent consuming about 12.7% of the median income, it remains a feasible expense for most residents, making the area suitable for those looking to invest in affordable rental properties.
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.