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 | $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 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $1,270 | $255,212 | 0.5% | F |
U.S. Census Bureau data (2024)
The ZIP code 13318 is situated in a quiet, suburban neighborhood characterized by its low density of renters and high median income. With a total population of 896, only 5.8% of residents are renters, indicating a predominantly owner-occupied community. The median household income stands at $84,211, which is above the national average, suggesting a stable and financially capable local populace. The median home value in this area is $248,116, reflecting a moderate to high housing market.
Turning to the rent economics, the Fair Market Rent (FMR) for ZIP 13318 is set at $960 for the fiscal year 2024. Given the lack of available market rent data, it's prudent to consider the FMR as a reliable indicator of rental affordability in the area. This figure aligns well with the financial status of the residents, making it feasible for tenants to afford housing without significant strain.
Considering these factors, ZIP 13318 would be more suitable for a hands-off voucher operator rather than a hands-on value-add buyer. The low percentage of renters suggests a limited demand for rental properties, and the relatively high median income implies that most residents can afford market-rate housing. Therefore, focusing on properties that qualify for Section 8 vouchers would be a strategic approach, ensuring steady occupancy rates and stable cash flows without the need for extensive property improvements or active management.
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.