Location: Syracuse, NY | Metro: Syracuse, NY MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,080 |
| 1 Bedroom | $1,230 |
| 2 Bedrooms | $1,530 |
| 3 Bedrooms | $1,850 |
| 4 Bedrooms | $2,010 |
| 5 Bedrooms | $2,332 |
| 6 Bedrooms | $2,612 |
| 7 Bedrooms | $2,821 |
| 8 Bedrooms | $2,962 |
The ZIP code 13217, located in Unknown, NY, lacks comprehensive demographic data, including population size, percentage of renters, and median household income. This scarcity of information makes it challenging to definitively characterize the area as either renter-heavy or homeowner-dominated. However, we can still draw some insights based on available information.
Section 8 housing vouchers are designed to assist low-income families, the elderly, and the disabled in affording rental housing. The Fair Market Rent (FMR) for ZIP 13217 is set at $1150 for FY 2024. This figure represents the maximum amount that a voucher holder can be expected to pay towards rent in the area. If the market rents exceed this FMR, tenants will face additional out-of-pocket expenses, which could strain their finances given the unknown but likely low median household income.
To understand the impact of market rents on potential tenants, consider the following: if the median household income were hypothetically $30,000 per year, and assuming market rents are similar to the FMR, then the average rent would consume about 46% of the monthly income. This calculation underscores the importance of keeping rents close to the FMR to ensure affordability for voucher holders.
In the absence of detailed income and renter statistics, landlords in ZIP 13217 should anticipate a tenant pool that heavily relies on Section 8 vouchers. These tenants will require a level of financial support to meet their housing costs, making it crucial for landlords to familiarize themselves with the intricacies of the voucher program, such as timely processing of rent payments and adherence to program guidelines.
Given the reliance on Section 8 vouchers, landlords must also prepare for a potentially higher administrative burden compared to non-voucher rental properties. This includes maintaining property standards as required by the program and possibly dealing with more frequent inspections and paperwork.
In summary, while specific data points are missing, the presence of a significant Section 8 voucher demand suggests that ZIP 13217 leans towards being a renter-heavy area with a focus on affordable housing solutions. Landlords should position their rentals to align closely with the FMR to attract and retain tenants who depend on these vouchers.
Data Sources: FMR data from HUD (2027).
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.