Location: Utica-Rome, NY | Metro: Utica-Rome, 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 | $870 |
| 1 Bedroom | $960 |
| 2 Bedrooms | $1,230 |
| 3 Bedrooms | $1,470 |
| 4 Bedrooms | $1,660 |
| 5 Bedrooms | $1,926 |
| 6 Bedrooms | $2,157 |
| 7 Bedrooms | $2,330 |
| 8 Bedrooms | $2,447 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $1,470 | $301,826 | 0.49% | F |
U.S. Census Bureau data (2024)
The ZIP code 13303 encompasses a neighborhood characterized by a relatively small population of 1,410 residents, with only 13.3% of them being renters. The median household income in this area stands at $89,940, indicating a middle-class community. The median home value is notably high at $263,964, suggesting that homeownership is both valued and financially feasible for many residents.
When it comes to rental economics, the Fair Market Rent (FMR) for ZIP 13303 in fiscal year 2024 is set at $910. In comparison, the actual market rent, according to Census ACS data, is slightly higher at $973. This means that landlords operating under Section 8 vouchers will see a modest difference between the government-set rates and the market rates, providing a slight cushion for those managing properties in this ZIP code.
The low percentage of renters in ZIP 13303 points towards a neighborhood where hands-off voucher operators might find limited opportunities. Given the high median home values and incomes, the demand for subsidized housing could be lower compared to areas with a higher concentration of renters. For a hands-on value-add buyer, however, there may be potential to improve property offerings and cater to a demographic that appreciates quality living spaces, albeit at a premium.
In conclusion, ZIP 13303 is best suited for investors willing to engage actively in property management and enhancement. The existing conditions suggest that a passive approach to rental operations might not yield substantial returns due to the limited number of renters and the relatively small gap between FMR and market rents. However, for those looking to add value and appeal to a discerning tenant base, there are opportunities to capitalize on the neighborhood's strengths.
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.