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 |
ZIP code 13220, located within the Syracuse, NY MSA, has a Fair Market Rent (FMR) of $1150 for fiscal year 2024. This places it slightly above the FMR for a two-bedroom home in Syracuse, which was $1126 for fiscal year 2023, according to RentData.org.
The lack of specific market rent and home value data for 13220 suggests it may be a less densely populated or unique area within the metro. However, based on the median property value in Syracuse, NY being $187,700 in 2024, as reported by Data USA, 13220 likely has below-average home values. This implies that it could be considered a value pocket within the Syracuse, NY MSA.
A higher renter share in areas with below-average home values often signals a Section 8 sweet spot. Although the renter share for ZIP 13220 is not available, the low FMR and potentially lower home values indicate that it could attract Section 8 tenants looking for affordable housing options.
Landlords and small-portfolio investors should consider setting their rents at or near the FMR to remain competitive and eligible for Section 8 subsidies. Additionally, monitoring local trends and seeking out further data on market rents and home values for ZIP 13220 will provide a clearer picture of its dynamics and help identify opportunities for investment or adjustments to rental pricing.
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.