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 | $990 |
| 1 Bedroom | $1,130 |
| 2 Bedrooms | $1,410 |
| 3 Bedrooms | $1,710 |
| 4 Bedrooms | $1,850 |
| 5 Bedrooms | $2,146 |
| 6 Bedrooms | $2,404 |
| 7 Bedrooms | $2,596 |
| 8 Bedrooms | $2,726 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,410 | $141,411 | 1% | C |
| 3BR | $1,710 | $151,689 | 1.13% | B |
| 4BR | $1,850 | $159,265 | 1.16% | B |
| 5BR | $2,146 | $157,283 | 1.36% | A |
U.S. Census Bureau data (2024)
The ZIP code 13204 in Syracuse, NY, is predominantly a renter-heavy area with significant voucher demand. With a population of 19,440, over 70.8% of residents are renters, indicating a strong rental market presence. The median household income stands at $45,351, which directly correlates to the rental landscape.
The typical market rent in this area is $1,508, representing approximately 33.2% of the median household income. This high percentage suggests that many tenants will require financial assistance to cover their housing costs. The Fair Market Rent (FMR) for ZIP 13204, set at $1,030 for FY 2024, underscores the disparity between market rates and what is considered affordable by federal standards. Landlords can anticipate a robust demand for Section 8 vouchers, given the significant gap between market rents and the FMR.
In this environment, landlords should expect tenants who rely on housing vouchers to make up a considerable portion of the applicant pool. These tenants are likely to be low-income families, individuals with disabilities, and elderly residents who qualify for federal housing assistance. The high percentage of renters and the substantial difference between market rent and FMR indicate that there is a deep voucher demand in ZIP 13204. As such, landlords who accept Section 8 vouchers will find a steady stream of interested and qualified applicants.
To conclude, ZIP 13204 in Syracuse, NY, is well-suited for landlords willing to work with Section 8 tenants due to its renter-heavy profile and the economic conditions that necessitate housing assistance. The expected tenant profile includes those who are eligible for government subsidies to meet their housing needs, making it essential for property owners to understand and comply with HUD regulations to benefit from this demand.
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.