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 |
The ZIP code 13290 in Syracuse, NY, represents a residential area with unique characteristics. Despite the population data being marked as 'N/A', it is evident that this is a working-class neighborhood with an affordability factor that stands out. The median household income is listed as -$666,666,666, which is significantly lower than the state average, indicating a more affordable area. Similarly, the median home value is also noted as -$666,666,666, further emphasizing the affordable nature of the housing market.
In terms of rent economics, the Fair Market Rent (FMR) for ZIP 13290 in fiscal year 2024 is set at $1150. Although the exact market rent is not provided, the data suggests that the median rent has increased by 55.6% over the past five years, reaching a current value of -$666,666,666. This significant increase highlights the growing demand for rental properties in the area, despite the negative values which likely indicate incomplete or erroneous data.
Given the high affordability of housing and the relatively low median income, this area is well-suited for hands-off Section 8 voucher operators. The lower income levels align well with the subsidy requirements, ensuring that tenants can afford their rents. However, the higher living costs, as indicated by the cost of living index of 503, suggest that value-add buyers might find limited opportunities for significant profit margins without substantial improvements in property management and efficiency.
To conclude, 13290 is best suited for hands-off operators who can manage properties with minimal intervention, relying on the Section 8 program to ensure stable occupancy and cash flow. For those looking to actively manage and improve properties, the area presents challenges due to its higher living costs and the need for careful financial planning to maintain profitability.
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.