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 | $1,200 |
| 1 Bedroom | $1,360 |
| 2 Bedrooms | $1,700 |
| 3 Bedrooms | $2,060 |
| 4 Bedrooms | $2,230 |
| 5 Bedrooms | $2,587 |
| 6 Bedrooms | $2,897 |
| 7 Bedrooms | $3,129 |
| 8 Bedrooms | $3,285 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,700 | $241,828 | 0.7% | D |
| 3BR | $2,060 | $344,726 | 0.6% | F |
| 4BR | $2,230 | $446,520 | 0.5% | F |
| 5BR | $2,587 | $526,499 | 0.49% | F |
U.S. Census Bureau data (2024)
17.6% of the population in ZIP 13215, Syracuse, NY, are renters, indicating a significant demand for rental properties in the area. The Fair Market Rent (FMR) for the zip code for fiscal year 2024 is set at $1260, which represents the maximum amount Section 8 recipients can pay for housing. This is notably lower than the market rent, or ZORI, which stands at $1654, suggesting that landlords could potentially receive higher rents from non-Section 8 tenants. However, the median home value in the area is $366,437, and the median income is $113,864, implying that many residents may struggle to afford market rates without assistance.
The disparity between the FMR and the ZORI highlights the financial challenges faced by low-income families in the area. With the FMR being $1260, it is clear that the government's support through Section 8 vouchers is designed to help those who cannot afford the average market rent of $1654. Landlords participating in the Section 8 program can expect to receive a steady, government-backed income, albeit at a rate below the market average.
Given the median income of $113,864, it is evident that many households in ZIP 13215 might find it difficult to cover the median home value of $366,437, making rental properties an attractive option. However, the lower FMR compared to the ZORI suggests that landlords may need to balance their portfolio between Section 8 properties and market-rate rentals to maximize returns.
In conclusion, while the participation in the Section 8 program guarantees a stable income stream, it is important for landlords and small-portfolio investors to consider the local economic conditions and the potential for higher returns on market-rate rentals. The decision should be based on the specific goals and risk tolerance of the investor. For those willing to take advantage of the guaranteed payments and contribute to affordable housing, ZIP 13215 offers a viable opportunity with a $1260 FMR and a substantial 17.6% renter share.
Section 8 Verdict: Suitable for landlords seeking stable income.
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.