Location: Syracuse, NY | Metro: Syracuse, NY MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,110 |
| 1 Bedroom | $1,270 |
| 2 Bedrooms | $1,580 |
| 3 Bedrooms | $1,910 |
| 4 Bedrooms | $2,080 |
| 5 Bedrooms | $2,413 |
| 6 Bedrooms | $2,703 |
| 7 Bedrooms | $2,919 |
| 8 Bedrooms | $3,065 |
U.S. Census Bureau data (2024)
The ZIP code 13244 stands out due to its unique characteristics among rental markets. With a total of 9,683 residents, it boasts a striking 100.0% rental rate, indicating that every resident is a renter. This statistic alone highlights the importance of the rental market in this area, particularly for programs such as Section 8. However, the lack of data on median income and median home value suggests that the economic profile of the area is less defined compared to other regions.
Moving into the specifics of voucher economics, the Fair Market Rent (FMR) for ZIP 13244 in fiscal year 2024 is set at $1150. This figure is critical for landlords and small-portfolio investors as it represents the benchmark for rental rates under the Section 8 program. Despite the absence of market rent data, the FMR provides a clear guideline for pricing units to attract Section 8 tenants. Landlords should ensure their rents align closely with this amount to maximize participation in the program.
The complete reliance on rentals and the specific FMR data point indicate that ZIP 13244 has a stable Section 8 environment. The high rental rate ensures a consistent demand for subsidized housing, which can be beneficial for landlords who wish to maintain occupancy rates. However, the lack of broader economic indicators means that investors must stay vigilant regarding local economic shifts that could impact the stability of the rental market over time.
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.