Location: Lewis County, NY | Metro: Lewis County, NY
| Unit Size | Monthly FMR |
|---|---|
| Studio | $740 |
| 1 Bedroom | $860 |
| 2 Bedrooms | $1,010 |
| 3 Bedrooms | $1,410 |
| 4 Bedrooms | $1,600 |
| 5 Bedrooms | $1,856 |
| 6 Bedrooms | $2,079 |
| 7 Bedrooms | $2,245 |
| 8 Bedrooms | $2,357 |
U.S. Census Bureau data (2024)
The potential pitfalls for Section 8 investments in ZIP code 13345 are significant. Firstly, the discrepancy between the market rent and the Fair Market Rent (FMR) of $970 highlights a possible issue with tenant turnover. Landlords might struggle to attract tenants willing to pay the higher market rates, leading to frequent changes in occupancy.
Vacancy exposure is another concern, as the days on market (DOM) figure is not available. This lack of data makes it difficult to predict how long properties might remain vacant, which can impact cash flow negatively. The typical home value in the area stands at $220,023, while the median household income is $48,750. These figures suggest that there may be a challenge in maintaining the property due to the high costs associated with deferred maintenance, especially when compared to the relatively lower income levels.
However, these risks must be weighed against the high density of renters in the area, with a renter share of 20.4%. High renter density typically correlates with increased demand for rental housing, including those utilizing Section 8 vouchers. This robust demand can provide a stable stream of tenants and mitigate some of the risks associated with vacancy and turnover.
In conclusion, the investment risk for a first-time Section 8 landlord in ZIP code 13345 is moderate. While there are notable challenges related to tenant turnover, vacancy exposure, and the cost of deferred maintenance, the strong renter demand provides a counterbalance that can help stabilize the investment.
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.