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 | $1,020 |
| 1 Bedroom | $1,160 |
| 2 Bedrooms | $1,450 |
| 3 Bedrooms | $1,760 |
| 4 Bedrooms | $1,910 |
| 5 Bedrooms | $2,216 |
| 6 Bedrooms | $2,482 |
| 7 Bedrooms | $2,681 |
| 8 Bedrooms | $2,815 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,450 | $207,762 | 0.7% | D |
| 3BR | $1,760 | $249,707 | 0.7% | D |
| 4BR | $1,910 | $370,607 | 0.52% | F |
| 5BR | $2,216 | $450,225 | 0.49% | F |
U.S. Census Bureau data (2024)
The economics of Section 8 housing in ZIP code 13224, located in Syracuse, NY, and Onondaga County, are based on the Specific Area Fair Market Rent (SAFMR) which is set specifically for this ZIP code. For a two-bedroom apartment, the SAFMR for FY 2024 is $1150. This means that landlords who participate in the Section 8 program can expect to receive a maximum reimbursement of $1150 per month for a 2BR unit in this ZIP code.
In comparison, the local market rent for a similar unit is higher at $1464, as indicated by the Zillow Observed Rental Index (ZORI). The difference between the market rent and the SAFMR creates an economic scenario where landlords must decide whether the benefits of participating in the Section 8 program outweigh the potential loss in rental income.
A Section 8 voucher pays a portion of the rent directly to the landlord on behalf of the tenant. The remaining amount is paid by the tenant themselves. In ZIP 13224, the voucher payment is calculated based on the SAFMR, and the tenant's portion is typically 30% of their adjusted income. Utility allowances are also factored into the total payment but do not affect the base rent reimbursement.
To illustrate, if a tenant has an adjusted monthly income of $1,000, they would be expected to pay 30% of that, which is $300 towards the rent. The voucher would then cover the remainder up to the SAFMR limit of $1150. Therefore, the landlord would receive a total of $1150 per month from the combination of the tenant’s contribution and the voucher payment.
Given that the market rent for a 2BR unit is $1464, the gap between the market rent and the SAFMR reimbursement is $314. This gap represents the shortfall that landlords might experience when renting to a Section 8 tenant compared to a market-rate tenant. Conversely, if the market rent is below the SAFMR, it could represent a surplus, but in ZIP 13224, the local market rent is above the SAFMR, leading to a consistent shortfall for landlords.
In summary, landlords in ZIP 13224 should expect a reimbursement of $1150 per month for a 2BR unit under the Section 8 program, while the local market rent stands at $1464. This results in a reimbursement gap of $314 per month, indicating that landlords will earn less from a Section 8 tenant than from a market-rate tenant for a comparable property.
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.