Location: Syracuse, 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 | $1,180 |
| 1 Bedroom | $1,350 |
| 2 Bedrooms | $1,680 |
| 3 Bedrooms | $2,030 |
| 4 Bedrooms | $2,210 |
| 5 Bedrooms | $2,564 |
| 6 Bedrooms | $2,872 |
| 7 Bedrooms | $3,102 |
| 8 Bedrooms | $3,257 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,680 | $231,979 | 0.72% | D |
| 3BR | $2,030 | $275,862 | 0.74% | D |
| 4BR | $2,210 | $312,291 | 0.71% | D |
U.S. Census Bureau data (2024)
The median income in ZIP 13167, which encompasses West Monroe, NY, stands at $85,294. Given the market rate for rent is $1,154 according to the Census ACS, it becomes evident that the cost of housing represents a significant portion of the average household's income. This high rental cost relative to income suggests an affordability challenge for residents.
To further contextualize this issue, consider the Fair Market Rent (FMR) standard set for ZIP 13167 in fiscal year 2024, which is $1,320. This figure is higher than the market rate, indicating that even the subsidized voucher payments exceed what many local households might be able to afford on their own. The disparity between the median income and both the market rate and the FMR highlights a substantial affordability gap.
With only 9.3% of the 3,215 population being renters, the competition among landlords is relatively low. However, the limited number of renters means that landlords must carefully consider their pricing and tenant selection strategies to ensure occupancy and profitability.
For landlords evaluating whether to accept voucher tenants or focus on those paying cash, the data points to a nuanced decision. While voucher payments are guaranteed and typically cover the full FMR, the lower market rate suggests that there may be demand for units priced below the FMR. Landlords who can offer competitive rates might attract more cash-paying tenants, but they should also be prepared to accept lower rents than the FMR.
The takeaway is that landlords in ZIP 13167 should balance their willingness to accept voucher tenants with the potential to attract cash-paying renters by offering slightly below-market-rate rentals. This approach could help mitigate the risk of vacancy while still maintaining a reasonable profit margin given the area's economic conditions.
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.