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 | $155,348 | 0.91% | C |
| 3BR | $1,720 | $175,976 | 0.98% | C |
| 4BR | $1,870 | $188,670 | 0.99% | C |
U.S. Census Bureau data (2024)
A skeptical investor looking into ZIP 13208 in Syracuse, NY, might have several concerns regarding the viability of investing in properties that could be rented under the Section 8 program. Let's address these concerns directly using the available data.
Objection 1: Will the Fair Market Rent (FMR) of $1060 for ZIP 13208 in fiscal year 2024 cover the mortgage on a $159,872 home?
The FMR of $1060 is indeed lower than what might be expected to cover a mortgage payment on a home valued at $159,872. However, it's important to consider the interest rates and loan terms. Assuming a 30-year fixed-rate mortgage at an average rate of 5%, the monthly principal and interest payment would be approximately $840. This means the FMR of $1060 would cover the mortgage and provide some additional funds for maintenance, property taxes, and insurance.
Objection 2: Is there enough renter demand at 50.8%?
The 50.8% rental vacancy rate in ZIP 13208 suggests that there is a significant amount of rental housing available compared to the number of renters. However, this does not necessarily mean that there isn't enough demand for Section 8 rentals specifically. The high vacancy rate could indicate that there are fewer tenants overall, but those who are seeking housing may still prefer or require Section 8 assistance. To accurately gauge demand, an investor would need to look at the number of Section 8 applicants in the area and the success rates of finding housing through the program.
Objection 3: Will vouchers keep pace with $1,338 market rents?
The current market rent of $1,338 in ZIP 13208 is notably higher than the FMR set by HUD for Section 8. This discrepancy means that landlords may find themselves subsidizing the difference between the voucher amount and the market rent. While the FMR is designed to reflect reasonable rental costs, it may not always align with local market conditions, especially in areas experiencing economic changes or shifts in population demographics. Investors should monitor local trends and the adjustments made by HUD to the FMR to ensure they are making informed decisions.
In summary, while the data presents some challenges, such as the gap between FMR and market rents, it also shows potential for covering mortgage payments and maintaining profitability with careful management. The high rental vacancy rate requires further investigation to understand the specific dynamics of the Section 8 market in ZIP 13208.
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.