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 | $1,000 |
| 1 Bedroom | $1,140 |
| 2 Bedrooms | $1,420 |
| 3 Bedrooms | $1,720 |
| 4 Bedrooms | $1,870 |
| 5 Bedrooms | $2,169 |
| 6 Bedrooms | $2,429 |
| 7 Bedrooms | $2,623 |
| 8 Bedrooms | $2,754 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,420 | $138,774 | 1.02% | B |
| 3BR | $1,720 | $175,299 | 0.98% | C |
| 4BR | $1,870 | $224,144 | 0.83% | C |
| 5BR | $2,169 | $412,688 | 0.53% | F |
U.S. Census Bureau data (2024)
Syracuse, NY's ZIP code 13203 is a densely populated urban neighborhood with a total population of 16,180 residents. Over two-thirds of the residents, specifically 63.8%, are renters, indicating a strong demand for rental properties. The median household income in this area is $46,997, which suggests that it is primarily composed of middle-income families and individuals. The median home value stands at $177,499, reflecting the affordability of housing in the region.
Moving into the economic dynamics of renting in ZIP 13203, the Fair Market Rent (FMR) for the fiscal year 2024 is set at $1,100. This figure is notably lower than the market rent, which is measured at $1,401 according to ZORI (Zillow Observed Rent Index). This discrepancy highlights a potential opportunity for landlords who can leverage the gap between government-subsidized rents and market rates to attract Section 8 tenants while still maintaining profitability.
The practical implications for investors are clear. For those interested in hands-off operations, ZIP 13203 presents a viable option due to the high percentage of renters and the existing demand for affordable housing. Landlords can secure a steady stream of income by participating in the Section 8 program, although they must be prepared to accept the FMR rate of $1,100.
On the other hand, for hands-on value-add buyers looking to renovate and improve properties, there is a significant upside. By enhancing the quality of their rental units, these investors could potentially command higher rents closer to the market rate of $1,401, thereby increasing their revenue beyond what the Section 8 program offers. However, such an approach requires a deeper understanding of local regulations and the willingness to engage actively with property management and tenant selection.
In summary, ZIP 13203 in Syracuse, NY, is well-suited for both hands-off and hands-on Section 8 investors. The neighborhood's demographics and economic indicators present opportunities for consistent income through subsidized housing programs and for strategic investment aimed at capturing higher market rents.
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.