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 | $900 |
| 1 Bedroom | $1,020 |
| 2 Bedrooms | $1,260 |
| 3 Bedrooms | $1,530 |
| 4 Bedrooms | $1,670 |
| 5 Bedrooms | $1,937 |
| 6 Bedrooms | $2,169 |
| 7 Bedrooms | $2,343 |
| 8 Bedrooms | $2,460 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $1,530 | $244,469 | 0.63% | D |
U.S. Census Bureau data (2024)
ZIP code 13355, located within the Syracuse, NY Metropolitan Statistical Area (MSA), presents a unique profile when compared to other ZIP codes in the region. The Fair Market Rent (FMR) for 13355 in fiscal year 2024 is set at $1000, slightly above the market rent of $960, indicating a competitive rental environment.
The median home value in 13355 stands at $238,903, which is on par with the average home value across the Syracuse MSA. This suggests that the area is neither significantly undervalued nor overpriced relative to its peers. However, the 13.7% renter share is noteworthy, as it is higher than the typical percentage seen in most ZIP codes within the MSA. A higher renter share often points towards a greater demand for rental properties, which can be beneficial for landlords and small-portfolio investors.
Comparatively, if we consider the Syracuse MSA's average characteristics, ZIP 13355 aligns closely with what would be considered a mid-tier neighborhood. It has a fair market rent that is marginally higher than the market rent, suggesting a slight premium but not enough to classify it as a premium sub-market. The median home value also supports this categorization, being typical of the area.
The divergence in the renter share, however, is indicative of potential opportunities. In many cases, a high renter share combined with home values that are in line with the broader market can signal an attractive area for Section 8 investments. While the FMR and market rent are relatively close, the higher renter share in 13355 could mean that there is a significant portion of renters who are eligible for Section 8 subsidies, making it a potentially lucrative area for those who cater to this demographic.
To summarize, ZIP 13355 is best described as a mid-tier neighborhood within the Syracuse, NY MSA. Its slightly elevated FMR and market rent, coupled with average home values, position it as neither particularly cheap nor expensive. The standout feature is the higher renter share, which may suggest that it is a valuable area for Section 8-focused investments, given the existing demand and subsidy availability.
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.