Location: Otsego County, 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 | $870 |
| 2 Bedrooms | $1,110 |
| 3 Bedrooms | $1,330 |
| 4 Bedrooms | $1,470 |
| 5 Bedrooms | $1,705 |
| 6 Bedrooms | $1,910 |
| 7 Bedrooms | $2,063 |
| 8 Bedrooms | $2,166 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $1,330 | $229,215 | 0.58% | F |
U.S. Census Bureau data (2024)
The ZIP code 13361 stands out due to its unique blend of economic indicators and housing dynamics. With only 725 residents, it represents a small community where 20.1% of the population rents their homes. The median income in this area is $92,000, which is relatively high compared to national averages, and the median home value is $208,498, indicating a stable and affluent neighborhood.
Section 8 voucher economics in ZIP 13361 present an interesting opportunity for landlords and small-portfolio investors. The Fair Market Rent (FMR) for the zip code for fiscal year 2024 is set at $910, whereas the actual market rent based on Census ACS data is $564. This significant gap means that landlords can potentially receive higher rental payments through the Section 8 program, making it financially beneficial to participate.
Given the data, ZIP 13361 appears to be a stable area with a healthy balance between homeownership and rental properties. The higher median income supports the potential for sustained demand for both rental and owned housing, while the discrepancy between FMR and market rent offers a clear advantage for those accepting vouchers. Landlords should consider the benefits of this financial disparity when deciding whether to accept Section 8 tenants, as it could lead to increased profitability and a steady stream of 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.