Location: Syracuse, NY | Metro: Syracuse, NY MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $920 |
| 1 Bedroom | $1,030 |
| 2 Bedrooms | $1,290 |
| 3 Bedrooms | $1,570 |
| 4 Bedrooms | $1,730 |
| 5 Bedrooms | $2,007 |
| 6 Bedrooms | $2,248 |
| 7 Bedrooms | $2,428 |
| 8 Bedrooms | $2,549 |
U.S. Census Bureau data (2024)
37000 In ZIP code 13314, the median income stands at $37,000, indicating a lower-income demographic. 149770 The median home value is $149,770, suggesting that property values in this area are relatively stable and affordable. 1030 For landlords and small-portfolio investors, the Fair Market Rent (FMR) for Section 8 in ZIP 13314 for fiscal year 2024 is set at $1030, which is a critical figure to consider when setting rents for properties participating in the program. 0 The renter share in this ZIP code is 0.0%, pointing towards a strong owner-occupied community rather than a high demand for rentals. However, this does not necessarily mean that rental opportunities are scarce, especially for those willing to cater to the needs of low-income families through Section 8. N/A The lack of specific data on market rent and days on market (DOM) makes it challenging to compare typical rental prices with the Section 8 FMR, but the stability implied by the median home value suggests a consistent rental market. N/A Additionally, the absence of information on the percentage of homes that have had their prices cut indicates that there is little competition among sellers, which could translate to fewer incentives for landlords to offer below-market rents. 1030 Given the FMR of $1030, landlords can expect to receive a steady stream of rental income, though they should be prepared for the administrative requirements associated with the Section 8 program.
1030 To summarize, with a Section 8 FMR of $1030, landlords in ZIP 13314 can participate in the program while ensuring a reliable income source that aligns with the financial capabilities of the local population. 37000 The median income of $37,000 supports the notion that many residents would qualify for assistance under the Section 8 program. 149770 With a median home value of $149,770, properties in this ZIP code are well-positioned to attract tenants who benefit from the program's subsidies. 1030 This ZIP code presents an opportunity for landlords to leverage the Section 8 program to fill vacancies and manage properties effectively, given the alignment between the FMR and the financial reality of the residents.
1030 Verdict: ZIP 13314 is a suitable market for landlords interested in the Section 8 program, with an FMR of $1030 matching the financial landscape of the area.
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.