Location: Lewis County, 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 | $840 |
| 2 Bedrooms | $1,060 |
| 3 Bedrooms | $1,270 |
| 4 Bedrooms | $1,490 |
| 5 Bedrooms | $1,728 |
| 6 Bedrooms | $1,935 |
| 7 Bedrooms | $2,090 |
| 8 Bedrooms | $2,195 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,060 | $188,157 | 0.56% | F |
| 3BR | $1,270 | $230,045 | 0.55% | F |
| 4BR | $1,490 | $227,238 | 0.66% | D |
| 5BR | $1,728 | $241,933 | 0.71% | D |
U.S. Census Bureau data (2024)
The analysis for the Section 8 program in ZIP code 13309, which includes Boonville, NY, reveals a significant gap between the Fair Market Rent (FMR) and the actual market rent. The FMR for FY 2024 is set at $910, while the Census ACS reports the market rent at $814. This creates a gap of $96, or approximately 11.8%, where the FMR exceeds the market rent.
In this scenario, landlords and small-portfolio investors can leverage the higher FMR to ensure a steady and reliable rental income. Voucher tenants provide a consistent stream of income that is guaranteed by the government, making it an attractive yield play. The difference between the FMR and the market rent means that landlords can receive a higher payment for their units than what they might get from open-market tenants, thus increasing their cash flow and overall investment yield.
Boonville, NY, has a rental population of 26.9%, indicating a substantial portion of residents who rely on rental housing. With a median home value of $202,881 and a median income of $74,767, the financial landscape supports the viability of the Section 8 program. The higher FMR compared to the market rent ensures that landlords are compensated fairly for providing housing to low-income families, which is crucial given the economic conditions of the area.
Investors should note that while the gap provides an opportunity for increased yields, it also comes with the responsibility of maintaining properties to meet the standards required for Section 8 participation. However, the benefits of stable rental income and the potential for tax advantages outweigh these responsibilities in many cases. The analysis clearly shows that the FMR being higher than the market rent makes Boonville, NY, a favorable location for landlords interested in participating in the Section 8 program.
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.