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 | $1,220 |
| 1 Bedroom | $1,390 |
| 2 Bedrooms | $1,730 |
| 3 Bedrooms | $2,100 |
| 4 Bedrooms | $2,270 |
| 5 Bedrooms | $2,633 |
| 6 Bedrooms | $2,949 |
| 7 Bedrooms | $3,185 |
| 8 Bedrooms | $3,344 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $2,100 | $148,750 | 1.41% | A |
U.S. Census Bureau data (2024)
A skeptical investor might question whether the Fair Market Rent (FMR) of $1320 for ZIP 13202 in fiscal year 2024 will sufficiently cover the mortgage on a home priced at $374,606. This concern stems from the fact that the median home value significantly exceeds the average rental income. To put it into perspective, the monthly mortgage payment on a $374,606 home, assuming a 30-year fixed-rate mortgage at an interest rate of 4%, would be approximately $1775. Clearly, the FMR does not cover this amount, indicating that landlords may need to supplement rental income with other sources to meet mortgage obligations.
The second objection pertains to the level of renter demand, which stands at 91.0%. While this figure suggests a robust rental market, it's essential to consider the context. High demand is positive but does not guarantee profitability without considering vacancy rates and maintenance costs. Additionally, the data does not specify the number of renters in the area, so while demand appears strong, the actual size of the potential tenant pool remains unclear.
Lastly, an investor might wonder if voucher funding will keep pace with market rents of $1711. The FMR of $1320 indicates a gap between what voucher holders can afford and the prevailing market rates. This discrepancy poses a risk, as landlords who rely heavily on voucher-supported tenants may face challenges in adjusting rents to match market conditions. However, the data does not provide insights into the growth rate of voucher funding or any adjustments planned for future years.
In summary, while ZIP 13202 shows promising signs of a vibrant rental market, the provided data highlights significant risks and uncertainties for landlords and small-portfolio investors. The FMR does not cover mortgage payments on a typical home, and the long-term sustainability of voucher funding relative to market rents remains questionable. Landlords must carefully assess these factors before making investment decisions.
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.