Location: Syracuse, NY | Metro: Syracuse, NY MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,060 |
| 1 Bedroom | $1,210 |
| 2 Bedrooms | $1,510 |
| 3 Bedrooms | $1,830 |
| 4 Bedrooms | $1,980 |
| 5 Bedrooms | $2,297 |
| 6 Bedrooms | $2,573 |
| 7 Bedrooms | $2,779 |
| 8 Bedrooms | $2,918 |
U.S. Census Bureau data (2024)
The economics of Section 8 in ZIP code 13219, located in Syracuse, NY, Onondaga County, can be dissected into several key components. For a two-bedroom apartment, the SAFMR (Small Area Fair Market Rent) for FY 2024 is set at $1220. This figure is specific to this ZIP code, reflecting the localized rental market conditions.
The local market rent, as indicated by ZORI (Zillow Observed Rent Index), is $1450. This represents the average rent that landlords could potentially charge tenants without vouchers in the same area.
A landlord participating in the Section 8 program receives payments based on the SAFMR rather than the market rent. The payment structure includes both the tenant's contribution and the utility allowance. Typically, the tenant pays approximately 30% of their adjusted income towards rent. If we assume an average adjusted income of $1800 (a common benchmark), the tenant would contribute around $540 towards the rent.
The remaining amount is subsidized by the government, up to the SAFMR limit. Therefore, for a two-bedroom unit, the government would cover the difference between the tenant's contribution and the SAFMR, which in this case is $680. This makes the total reimbursement for a landlord $1220.
Utility allowances vary but generally range from $200 to $300 per month. Adding a conservative estimate of $250 for utilities brings the total monthly reimbursement to $1470. However, this does not match the market rent of $1450, indicating a slight surplus for landlords who participate in the program.
To summarize, a landlord in ZIP 13219 who accepts a Section 8 voucher for a two-bedroom apartment will receive a total of $1470 per month, which is slightly above the local market rent of $1450. This results in a surplus of $20 per month for the landlord.
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.