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 | $880 |
| 2 Bedrooms | $1,130 |
| 3 Bedrooms | $1,350 |
| 4 Bedrooms | $1,530 |
| 5 Bedrooms | $1,775 |
| 6 Bedrooms | $1,988 |
| 7 Bedrooms | $2,147 |
| 8 Bedrooms | $2,254 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,130 | $146,799 | 0.77% | D |
| 3BR | $1,350 | $163,042 | 0.83% | C |
| 4BR | $1,530 | $177,940 | 0.86% | C |
| 5BR | $1,775 | $231,685 | 0.77% | D |
U.S. Census Bureau data (2024)
The ZIP code 13350, located in Herkimer, NY, stands out within Herkimer County due to its unique demographic and economic characteristics. With a population of 9,522 residents, it has a rental rate of 40.4%, indicating a significant portion of the community lives in rented properties. The median income here is $56,157, while the median home value is notably higher at $153,606, suggesting a mix of affordable and moderately priced housing options.
When it comes to Section 8 vouchers, the data reveals an interesting dynamic. The Fair Market Rent (FMR) for the area in fiscal year 2024 is set at $1040, which is substantially higher than the current market rent of $820 as reported by the Census Bureau's American Community Survey. This means that landlords who accept Section 8 vouchers can expect to receive higher rents compared to the typical market rates, potentially making these properties more attractive to investors looking for stable income sources.
The data signature for ZIP 13350 reads as relatively stable. The high FMR relative to market rates suggests a robust support system for tenants through the Section 8 program, which could help maintain occupancy levels and reduce turnover. However, the median home value being nearly three times the median income indicates that homeownership might be less accessible for many residents, reinforcing the importance of the rental market and the role of Section 8 vouchers in sustaining it.
For landlords and small-portfolio investors, accepting Section 8 vouchers in Herkimer, NY could provide a reliable source of income, especially considering the higher FMR compared to the actual market rent. This ZIP code offers a blend of affordability for renters and a potentially lucrative opportunity for those willing to participate in the Section 8 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.