Location: Utica-Rome, NY | Metro: Utica-Rome, NY MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $810 |
| 1 Bedroom | $840 |
| 2 Bedrooms | $1,060 |
| 3 Bedrooms | $1,270 |
| 4 Bedrooms | $1,470 |
| 5 Bedrooms | $1,705 |
| 6 Bedrooms | $1,910 |
| 7 Bedrooms | $2,063 |
| 8 Bedrooms | $2,166 |
U.S. Census Bureau data (2024)
27.9% of the population in ZIP code 13313 rents their homes, indicating a significant demand for rental properties. The Fair Market Rent (FMR) for Section 8 housing in this area is set at $910 per month for fiscal year 2024, which is notably higher than the average market rent of $735 reported by the Census Bureau's American Community Survey. This discrepancy suggests that landlords participating in the Section 8 program can expect a more stable and consistent income stream compared to the broader rental market. With a median home value of $180,021, it's clear that homeownership is also a strong presence in the community, but the median income of $36,597 may limit some residents' ability to purchase homes, further supporting the need for affordable rentals. Despite the lack of specific data on days on market (DOM) and the percentage of price-cut shares, the higher FMR for Section 8 versus the market rent indicates a favorable environment for landlords looking to secure long-term tenants. The consistent rental income, combined with the government-backed payment process, reduces financial risk for landlords. In conclusion, given the $910 FMR and the $735 market rent, ZIP code 13313 is a prime location for landlords to consider Section 8 participation.
Data Sources: FMR data from HUD (2027). 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.