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 | $1,190 |
| 2 Bedrooms | $1,490 |
| 3 Bedrooms | $1,800 |
| 4 Bedrooms | $1,960 |
| 5 Bedrooms | $2,274 |
| 6 Bedrooms | $2,547 |
| 7 Bedrooms | $2,751 |
| 8 Bedrooms | $2,889 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,490 | $239,809 | 0.62% | D |
| 3BR | $1,800 | $303,868 | 0.59% | F |
| 4BR | $1,960 | $364,709 | 0.54% | F |
| 5BR | $2,274 | $390,960 | 0.58% | F |
U.S. Census Bureau data (2024)
In ZIP code 13214 of Syracuse, NY, investing in Section 8 properties comes with several inherent risks that must be carefully considered. Tenant turnover is a significant concern, with the market rent at $1,141 compared to the Fair Market Rent (FMR) of $1,120 for fiscal year 2024. This slight difference can lead to higher tenant churn rates as some may prefer the stability of government-subsidized housing over paying slightly higher market rents.
Vacancy exposure is another critical issue. The Days on Market (DOM) data is currently unavailable, which suggests there might be inconsistencies in the rental market. Landlords should prepare for potential periods of vacancy, as the lack of precise data makes it difficult to predict how long units may remain unoccupied.
The deferred maintenance exposure is substantial given the typical home value of $301,252 and the median income of $98,000. With lower median incomes, tenants may have limited resources for maintaining their homes, potentially leading to higher repair costs for landlords. It's crucial to factor these potential expenses into the investment strategy.
However, these risks are somewhat offset by the high renter share in the area, standing at 31.9%. High renter density often correlates with a greater demand for housing vouchers, which can provide a steady stream of tenants willing to pay the FMR. This demographic characteristic can stabilize occupancy rates and reduce the financial impact of vacancy periods.
Verdict: Moderate risk for a first-time Section 8 landlord.
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.