Location: Syracuse, NY | Metro: Syracuse, NY MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $980 |
| 1 Bedroom | $1,110 |
| 2 Bedrooms | $1,390 |
| 3 Bedrooms | $1,680 |
| 4 Bedrooms | $1,830 |
| 5 Bedrooms | $2,123 |
| 6 Bedrooms | $2,378 |
| 7 Bedrooms | $2,568 |
| 8 Bedrooms | $2,696 |
U.S. Census Bureau data (2024)
The ZIP code 13209 in Syracuse, NY, stands out within Onondaga County due to its unique demographic and economic characteristics. With a total population of 12,714 residents, 29.6% of whom rent their homes, it reflects a moderate rental market presence. The median income here is $68,138, indicating a middle-class community, while the median home value sits at $226,710, suggesting that homeownership is accessible but not without significant investment.
The dynamics of the rental market in ZIP 13209 are heavily influenced by the Section 8 housing voucher program. The Fair Market Rent (FMR) for the area, set at $1,080 for the fiscal year 2024, is notably lower than the Zillow Observed Rent Index (ZORI), which currently stands at $1,550. This disparity highlights a potential gap between subsidized rents and the actual cost of renting in the area. Landlords and small-portfolio investors should be aware that accepting Section 8 vouchers could mean receiving a lower rent payment compared to the market rate, but it also ensures a steady stream of income from tenants who qualify for assistance.
Given the data, ZIP 13209 presents a stable environment for real estate investments. The relatively low median home value and the balance between homeowners and renters suggest a community that is not undergoing rapid changes. However, the significant difference between FMR and market rent rates indicates an ongoing challenge for those relying on Section 8 vouchers. Investors should consider these factors when deciding on rental pricing strategies or whether to accept Section 8 vouchers in their properties.
To summarize, ZIP 13209 is a stable area with a moderate rental market presence. The median income and home values indicate a middle-class community. The voucher economics present both opportunities and challenges, with FMR at $1,080 versus a market rent of $1,550. This data signature leans towards stability rather than transition, making it a predictable market for real estate analysis.
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.