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 | $950 |
| 1 Bedroom | $1,050 |
| 2 Bedrooms | $1,340 |
| 3 Bedrooms | $1,600 |
| 4 Bedrooms | $1,810 |
| 5 Bedrooms | $2,100 |
| 6 Bedrooms | $2,352 |
| 7 Bedrooms | $2,540 |
| 8 Bedrooms | $2,667 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $1,600 | $198,811 | 0.8% | C |
U.S. Census Bureau data (2024)
The ZIP code 13321 represents a small, tight-knit neighborhood with a total population of 678. Approximately one-third of the residents are renters, indicating a modest demand for rental properties. The median household income in this area is $68,438, which suggests that the local economy supports a comfortable living standard for most residents. The median home value stands at $190,773, reflecting an affordable housing market.
When it comes to rent economics, the Fair Market Rent (FMR) for ZIP 13321 is set at $1,060 for fiscal year 2024. This figure is slightly above the market rent of $1,027 as reported by the Census Bureau's American Community Survey. The difference between the FMR and the market rent indicates a potential opportunity for landlords who can offer quality accommodations that justify the higher FMR rate.
Given these conditions, ZIP 13321 could be suitable for both hands-off voucher operators and hands-on value-add buyers. For those preferring a hands-off approach, the higher FMR compared to market rent ensures a steady stream of government-subsidized income. However, for investors willing to actively manage and improve their properties, there is room to increase rents above the market rate but still within the FMR limit, thus potentially maximizing returns.
To conclude, ZIP 13321 offers a balanced environment where landlords can either rely on the stability provided by Section 8 vouchers or take a more proactive stance to enhance property values and rental yields. The relatively low population and median home value make it a manageable market for small-portfolio investors, while the slight premium of FMR over market rent provides a financial incentive to participate in the program.
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.