Location: Syracuse, NY | Metro: Syracuse, 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 | $1,220 |
| 1 Bedroom | $1,390 |
| 2 Bedrooms | $1,730 |
| 3 Bedrooms | $2,100 |
| 4 Bedrooms | $2,270 |
| 5 Bedrooms | $2,633 |
| 6 Bedrooms | $2,949 |
| 7 Bedrooms | $3,185 |
| 8 Bedrooms | $3,344 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,730 | $261,183 | 0.66% | D |
| 3BR | $2,100 | $319,846 | 0.66% | D |
| 4BR | $2,270 | $382,742 | 0.59% | F |
| 5BR | $2,633 | $461,819 | 0.57% | F |
U.S. Census Bureau data (2024)
The potential risks for investing in Section 8 housing in ZIP code 13346 in Hamilton, NY, must be carefully considered. Firstly, tenant turnover can be a significant issue, especially when the market rent is $1,146 compared to the Federal Market Rent (FMR) of $1,240 for FY 2024. This discrepancy suggests that tenants might be more inclined to move if they find a better deal outside the program, leading to higher vacancy rates.
Vacancy exposure is another concern, given that the days on market (DOM) is listed as N/A. This lack of data implies there might be inconsistent or unreliable information about how quickly rental properties are filled, which can be detrimental to cash flow if vacancies persist longer than expected.
Deferred maintenance is also a critical factor to consider. With a typical home value of $309,183 and a median income of $60,600, residents might struggle to afford necessary repairs and upgrades. Landlords will need to be prepared to handle these issues, which can add unexpected costs to property management.
However, these risks are mitigated by the high renter share in the area, which stands at 27.5%. High renter density often correlates with higher demand for housing vouchers, indicating that there is a substantial pool of potential Section 8 tenants. This demand can provide a stable source of rental income, assuming that the property meets the program's eligibility criteria and that there are enough vouchers available to cover the rent.
In conclusion, the overall risk for a first-time Section 8 landlord in ZIP code 13346 is moderate. While there are notable challenges such as tenant turnover and deferred maintenance, the high renter share offers a promising opportunity for steady occupancy and income.
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.