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 | $840 |
| 1 Bedroom | $930 |
| 2 Bedrooms | $1,190 |
| 3 Bedrooms | $1,420 |
| 4 Bedrooms | $1,610 |
| 5 Bedrooms | $1,868 |
| 6 Bedrooms | $2,092 |
| 7 Bedrooms | $2,259 |
| 8 Bedrooms | $2,372 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,190 | $148,703 | 0.8% | C |
| 3BR | $1,420 | $162,815 | 0.87% | C |
| 4BR | $1,610 | $161,236 | 1% | C |
| 5BR | $1,868 | $188,580 | 0.99% | C |
U.S. Census Bureau data (2024)
The potential risks for landlords investing in ZIP 13357 in Ilion, NY under the Section 8 program are significant. Tenant turnover is likely to be high due to the disparity between the market rent of $764 and the Fair Market Rent (FMR) of $910 for fiscal year 2024. This gap suggests that tenants may struggle to afford higher rents outside the subsidized program, leading to frequent changes in occupancy.
Vacancy exposure is another critical concern. The lack of data on days on market (DOM) indicates an unstable rental market, where properties might remain vacant for extended periods. This unpredictability can result in financial strain for landlords who rely on steady rental income.
Deferred maintenance poses a substantial risk, particularly when considering the typical home value of $147,743 and the median income of $63,678. These figures suggest that many homeowners may not have the financial resources to maintain their properties adequately over time, which could lead to costly repairs and renovations for landlords. Additionally, the lower median income implies that tenants might face financial difficulties, potentially affecting their ability to pay rent consistently.
However, these risks must be weighed against the high renter share of 28.8%. A significant portion of the population renting homes typically translates into higher demand for housing vouchers, which can provide a stable stream of rental income through the Section 8 program. Landlords in this area can benefit from the guaranteed payments, reducing the overall financial risk associated with tenant non-payment and vacancy.
Verdict: Moderate risk for a first-time Section 8 landlord.
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.