Location: Cayuga 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 | $920 |
| 1 Bedroom | $1,020 |
| 2 Bedrooms | $1,260 |
| 3 Bedrooms | $1,530 |
| 4 Bedrooms | $1,730 |
| 5 Bedrooms | $2,007 |
| 6 Bedrooms | $2,248 |
| 7 Bedrooms | $2,428 |
| 8 Bedrooms | $2,549 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,260 | $184,781 | 0.68% | D |
| 3BR | $1,530 | $236,268 | 0.65% | D |
| 4BR | $1,730 | $283,942 | 0.61% | D |
| 5BR | $2,007 | $264,348 | 0.76% | D |
U.S. Census Bureau data (2024)
Weedsport, NY, located in ZIP code 13166, stands out in Cayuga County with a population of 5,622 residents, where 20.7% are renters. The median income in Weedsport is $78,108, and the median home value is $225,286, reflecting a modestly priced housing market. For landlords and small-portfolio investors, these figures provide a baseline understanding of the economic conditions and rental demand in the area.
The key consideration for those interested in Section 8 housing is the Fair Market Rent (FMR) set by the Department of Housing and Urban Development (HUD). For fiscal year 2024, the FMR for ZIP 13166 is $1,120, slightly higher than the Census-reported average market rent of $1,104. This means that landlords participating in the Section 8 program can expect a rental rate close to the market average, providing a stable income source for their properties.
Given the data, Weedsport's housing market appears to be stable. The median income and home values suggest a balanced economy where most residents can afford their homes without significant financial strain. The slight increase in FMR over the market rent indicates that the government is keeping pace with local rental trends, ensuring that the program remains viable for both tenants and landlords. This stability supports long-term investment strategies for landlords and small-portfolio investors, who can rely on consistent rental income and a predictable demand for affordable housing.
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.