Location: Syracuse, NY | Metro: Syracuse, NY MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $910 |
| 1 Bedroom | $1,040 |
| 2 Bedrooms | $1,300 |
| 3 Bedrooms | $1,570 |
| 4 Bedrooms | $1,710 |
| 5 Bedrooms | $1,984 |
| 6 Bedrooms | $2,222 |
| 7 Bedrooms | $2,400 |
| 8 Bedrooms | $2,520 |
U.S. Census Bureau data (2024)
1050 is the Fair Market Rent (FMR) for ZIP code 13163 for fiscal year 2024, indicating the maximum amount a Section 8 participant can be expected to pay for housing in this area. 78,125 represents the median income in the same ZIP code, which is crucial for understanding the financial capacity of potential tenants. The renter share stands at 0.0%, suggesting that very few residents in ZIP 13163 are renters, and most likely own their homes. This statistic implies a challenge in attracting a tenant base for rental properties under the Section 8 program. Additionally, the lack of data on market rent and median home value indicates either an absence of significant rental activity or limited available data, which could be due to the low renter population. The N/A for days on market (DOM) and price-cut share further underscores the scarcity of rental listings or sales data in this particular ZIP code. For landlords and small-portfolio investors considering Section 8 participation in ZIP 13163, these figures paint a picture of a community predominantly composed of homeowners, making it less favorable for rental investments under the program. However, the presence of the Section 8 program can still provide a stable income source for those willing to navigate the local rental landscape. Given the context, the Section 8 verdict for ZIP 13163 is that while opportunities exist, they are limited by the low demand for rentals.
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.