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 | $810 |
| 1 Bedroom | $860 |
| 2 Bedrooms | $1,090 |
| 3 Bedrooms | $1,310 |
| 4 Bedrooms | $1,480 |
| 5 Bedrooms | $1,717 |
| 6 Bedrooms | $1,923 |
| 7 Bedrooms | $2,077 |
| 8 Bedrooms | $2,181 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $1,310 | $295,521 | 0.44% | F |
| 4BR | $1,480 | $355,579 | 0.42% | F |
U.S. Census Bureau data (2024)
The ZIP code 13304 is situated in a suburban neighborhood characterized by a relatively small population of 1,653 residents. This area has a modest rental segment, with 23.2% of its inhabitants being renters. The median household income in this ZIP code stands at $108,587, indicating a generally affluent community. The median home value is notably high at $286,200, reflecting the area's desirability and the overall quality of life it offers.
Moving into the specifics of rental economics, the Fair Market Rent (FMR) for ZIP 13304 in fiscal year 2024 is set at $1,280. This figure is slightly below the actual market rent, which according to Census ACS data, is $1,297. This suggests that landlords participating in the Section 8 program can expect a rent that is nearly on par with the local market rates, making it a viable option for those seeking stable, government-backed rental income.
Given these economic indicators, ZIP 13304 is well-suited for a hands-off voucher operator. The proximity of the FMR to the market rent means that landlords can maintain competitive occupancy rates without the need for significant property improvements or active management. However, for a hands-on value-add buyer looking to increase property values through renovations and upgrades, the higher median home value presents an opportunity to potentially command rents above the FMR, especially if targeting the non-voucher renting population who might be willing to pay more for enhanced living conditions.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-08-31). 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.