Location: Utica-Rome, NY | Metro: Utica-Rome, NY MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $870 |
| 1 Bedroom | $960 |
| 2 Bedrooms | $1,230 |
| 3 Bedrooms | $1,470 |
| 4 Bedrooms | $1,660 |
| 5 Bedrooms | $1,926 |
| 6 Bedrooms | $2,157 |
| 7 Bedrooms | $2,330 |
| 8 Bedrooms | $2,447 |
ZIP code 13341, located within the Utica-Rome, NY Metropolitan Statistical Area (MSA), has a Fair Market Rent (FMR) of $1080 for fiscal year 2024. This figure serves as a benchmark for rental prices in the area, set by the U.S. Department of Housing and Urban Development (HUD).
In comparison to other ZIP codes within the Utica-Rome MSA, where specific market rents and home values are typically available, ZIP 13341 stands out due to its lack of reported market rent and home value data. However, the FMR can be used as an indicator of the rental price environment. If the FMR of $1080 is lower than the average market rent in the Utica-Rome MSA, it suggests that ZIP 13341 might be a value pocket, offering rental properties at a discount compared to the rest of the metro.
The absence of data on home values and renter share percentages makes it challenging to draw definitive conclusions about the premium status or the exact proportion of renters in the area. However, given that the FMR is established and market rent data is not available, it's reasonable to infer that the rental market in ZIP 13341 may be less dynamic or less tracked than other areas within the MSA.
If other ZIP codes in the Utica-Rome MSA have higher FMRs and market rents, but similar or lower home values, this could indicate a trend where rental prices are relatively stable or even declining, while property values are rising. Such a scenario would support the notion that ZIP 13341 is a value pocket for Section 8 tenants and landlords alike.
To conclusively determine the position of ZIP 13341 within the broader context of the Utica-Rome MSA, more detailed local market analysis would be required. Nonetheless, based on the available FMR data, it appears that this ZIP code offers affordable rental opportunities, which is particularly beneficial for landlords participating in the Section 8 program.
A high renter share percentage combined with below-average home values in other ZIPs often points to a Section 8 sweet spot, where the demand for subsidized housing is strong relative to the cost of owning property. While such a pattern cannot be confirmed for ZIP 13341 due to missing data, the lower FMR still suggests a potentially advantageous location for landlords looking to attract Section 8 tenants.
Data Sources: FMR data from HUD (2027).
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.