Section 8 Fair Market Rent (FMR) for ZIP 13205 - 2027

FY 2027 Fair Market Rent Rates

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Housing Authorities Serving ZIP 13205

• Syracuse Housing Authority (Syracuse, NY) - 4,244 Section 8 vouchers
• Village of Manlius (Syracuse, NY) - 1,334 Section 8 vouchers
• Village of North Syracuse Housing Authority (North Syracuse, NY) - 287 Section 8 vouchers

Syracuse, NY, specifically ZIP code 13205, is a neighborhood that presents a unique set of challenges and opportunities for landlords and small-portfolio investors. The area's economic conditions and rental market dynamics offer insights into the potential returns and risks associated with property investment.

• The Fair Market Rent (FMR) for ZIP 13205 is set at $1010 per month for fiscal year 2024, which reflects the government's benchmark for determining rental assistance payments.
• The actual market rent in the area is slightly lower, at $993 per month, according to recent Census American Community Survey (ACS) data, indicating a competitive rental market where landlords must balance quality improvements with affordability.
• The median home value in ZIP 13205 stands at $142,667, suggesting that properties in this area are relatively affordable compared to other parts of the country.
• Renters make up a significant portion of the housing market in this ZIP code, with a 54.3% share of the population, underscoring the demand for rental properties.
• The median income in the area is $38,497, which is below the national average and indicates that tenants may be sensitive to price increases.
• The Days on Market (DOM) data is currently unavailable, but it would provide valuable information about how quickly properties are being rented out in the area.

In summary, ZIP 13205 offers a balanced rental market with a slight edge towards affordability, driven by both the government-set FMR and the actual market rents. With a high share of renters and relatively low median incomes, landlords should focus on maintaining competitive pricing while also ensuring their properties meet basic quality standards to attract tenants. The median home value suggests that there is room for appreciation, especially if the local economy strengthens. However, without specific DOM data, it remains unclear how quickly properties can be leased, which is a critical factor for cash flow management. Overall, the area presents a moderate-risk, moderate-reward scenario for real estate investors.

Data Sources: FMR data from HUD (2027). 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.