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 | $930 |
| 1 Bedroom | $1,060 |
| 2 Bedrooms | $1,320 |
| 3 Bedrooms | $1,600 |
| 4 Bedrooms | $1,730 |
| 5 Bedrooms | $2,007 |
| 6 Bedrooms | $2,248 |
| 7 Bedrooms | $2,428 |
| 8 Bedrooms | $2,549 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,320 | $174,543 | 0.76% | D |
| 3BR | $1,600 | $206,410 | 0.78% | D |
| 4BR | $1,730 | $230,337 | 0.75% | D |
U.S. Census Bureau data (2024)
Syracuse, NY's ZIP code 13206 is a moderately sized neighborhood with a population of 16,245 residents. The area has a significant rental market, with 42.5% of the population renting their homes. This indicates a substantial demand for rental properties, making it an attractive location for both hands-off voucher operators and hands-on value-add buyers.
The median household income in ZIP 13206 is $63,136, which provides insight into the economic profile of the neighborhood. While this figure suggests a middle-class community, the median home value stands at $189,688, reflecting a relatively affordable housing market. This combination of moderate income levels and home values can be advantageous for investors looking to capitalize on the local rental dynamics.
Moving into the specifics of the rent economics, the Fair Market Rent (FMR) for ZIP 13206 for fiscal year 2024 is set at $1,040. In contrast, the actual market rent, measured by the Zillow Observed Rent Index (ZORI), is significantly higher at $1,352. This discrepancy between the FMR and the market rent highlights the potential for landlords who participate in the Section 8 program to achieve a positive cash flow while still providing affordable housing options.
The difference between the FMR and ZORI also points to the opportunity for value-add strategies. For hands-off voucher operators, the lower FMR compared to the market rent means they can manage properties without extensive renovations or management efforts, yet still earn a profit above the subsidized rates. On the other hand, hands-on value-add buyers might find opportunities to improve properties, thereby increasing their market value and rental income beyond the FMR threshold.
In summary, ZIP 13206 in Syracuse, NY, offers a balanced mix of a robust rental market and affordable housing conditions. The disparity between the FMR and ZORI presents clear investment opportunities for both hands-off and hands-on real estate investors. Whether focusing on steady, low-maintenance returns or seeking to enhance property values through strategic improvements, the neighborhood supports a range of investment strategies.
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.