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 13261, located in New York, lacks comprehensive demographic data, including population size, percentage of renters, and median household income. This scarcity of information makes it challenging to provide a detailed analysis of the rental market dynamics or the prevalence of Section 8 vouchers. However, based on the available Fair Market Rent (FMR) data, we can draw some conclusions.
The FMR for ZIP 13261 is set at $1150 per month for fiscal year 2024. Without specific market rent figures, it's difficult to quantify how typical rents compare to this benchmark. However, the FMR serves as an important guideline for housing assistance programs, indicating that rents around this amount are considered reasonable in the area.
To determine if this is a renter-heavy ZIP with strong demand for Section 8 vouchers, additional research into local rental trends and the number of voucher holders would be necessary. The absence of such data suggests that landlords must rely on regional insights and consult local housing authorities for more precise guidance on the prevalence of Section 8 tenants.
In terms of affordability, the typical renter's expenditure as a percentage of their income cannot be accurately calculated due to the lack of income data. However, it's crucial for landlords to understand that the success of Section 8 tenancy often hinges on the alignment between market rents and FMRs, ensuring that rents remain within the affordable range for voucher recipients.
A landlord in ZIP 13261 should anticipate tenants who are likely to have low to moderate incomes, given the nature of Section 8 assistance. These tenants will require housing that meets the program's eligibility criteria, including rent limits tied to the FMR of $1150. Landlords must also be prepared to work closely with local housing agencies to ensure compliance with program requirements.
Without specific statistics on the local rental market, landlords should use the FMR as a reference point and consider the broader economic context of the region when setting rents and preparing properties for Section 8 tenants. Engaging with local real estate professionals and housing experts can provide further clarity on the specifics of the rental market in this area.
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.