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 | $1,050 |
| 1 Bedroom | $1,200 |
| 2 Bedrooms | $1,500 |
| 3 Bedrooms | $1,820 |
| 4 Bedrooms | $1,970 |
| 5 Bedrooms | $2,285 |
| 6 Bedrooms | $2,559 |
| 7 Bedrooms | $2,764 |
| 8 Bedrooms | $2,902 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,500 | $213,346 | 0.7% | D |
| 3BR | $1,820 | $242,866 | 0.75% | D |
| 4BR | $1,970 | $293,841 | 0.67% | D |
| 5BR | $2,285 | $313,016 | 0.73% | D |
U.S. Census Bureau data (2024)
The economics of Section 8 in ZIP code 13212, which encompasses North Syracuse, NY, in Onondaga County, are straightforward. The SAFMR (Small Area Fair Market Rent) for a two-bedroom apartment in this specific ZIP code for fiscal year 2024 is set at $1160. This figure represents the maximum amount that the government will pay towards rent for a unit deemed suitable under the program. However, it's important to understand that the actual reimbursement to landlords can vary based on the tenant's contribution and any utility allowances.
The local market rent for a two-bedroom apartment, according to the Census ACS, is approximately $1085. This is lower than the SAFMR, indicating that landlords participating in Section 8 could potentially receive higher rents compared to the average market rates.
A Section 8 voucher holder typically pays 30% of their adjusted income toward rent. If we assume an average adjusted income for a household in this area that would make them eligible for a two-bedroom unit, they might pay around $325 towards rent. This amount is calculated based on the assumption that their total income is roughly $1100 per month, which is a common threshold for eligibility in this region.
In addition to the tenant's payment, there are utility allowances. These allowances vary but generally cover a portion of heating, cooling, water, and electricity costs. For simplicity, let's say the utility allowance is $150. This brings the total reimbursement to landlords up to $1510 ($1160 + $325 + $150).
Given that the local market rent is $1085, landlords in ZIP 13212 who participate in Section 8 can expect a surplus when renting out a two-bedroom apartment. The difference between the reimbursement rate and the local market rent is $425. This means that landlords could receive significantly more than the typical market rate, making participation in the Section 8 program financially beneficial in this particular ZIP code.
To summarize, the typical reimbursement gap for a two-bedroom apartment in ZIP 13212 is a surplus of $425, assuming the tenant's share and utility allowances are added to the SAFMR. This surplus is a direct result of the SAFMR being higher than the local market rent, providing landlords with an opportunity to earn above-average rental income while still offering affordable housing options to eligible tenants.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-08-31). 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.