Location: Utica-Rome, NY | Metro: Utica-Rome, NY MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $870 |
| 1 Bedroom | $960 |
| 2 Bedrooms | $1,230 |
| 3 Bedrooms | $1,470 |
| 4 Bedrooms | $1,660 |
| 5 Bedrooms | $1,926 |
| 6 Bedrooms | $2,157 |
| 7 Bedrooms | $2,330 |
| 8 Bedrooms | $2,447 |
The Section 8 housing market in ZIP code 13362, which falls within the Utica-Rome County area and the broader Utica-Rome, NY MSA metro region, presents a unique set of challenges and opportunities for landlords and small-portfolio investors. The Fair Market Rent (FMR) as determined by the U.S. Department of Housing and Urban Development (HUD) for fiscal year 2024 is set at $1010. This figure represents the baseline rental amount that voucher holders can be expected to cover.
Unfortunately, current market rent data for this specific ZIP code is not available. However, based on the HUD FMR alone, it's possible to infer that voucher tenants in ZIP 13362 will likely only cashflow at the FMR level with premium units. Standard or below-average units might struggle to cover operating costs without additional subsidies or income sources.
The median home value for this area is also not provided, which means deriving an exact rent-to-price ratio is impossible. Nonetheless, understanding the local real estate landscape is crucial for making informed investment decisions. If the median home values were higher, it could indicate a favorable environment for long-term property appreciation. Conversely, lower home values might suggest greater stability in terms of occupancy rates due to limited alternative housing options.
Additional metrics such as the number of days on market (DOM) and the percentage of homes that required a price cut are not available. These factors would typically influence the decision between renting and buying properties. In the absence of these details, the primary focus should remain on the cashflow potential and the ability to attract and retain voucher tenants.
The strongest angle for investors in ZIP 13362 appears to be stability. Given the reliance on voucher tenants and the fixed nature of their rental payments, investors can expect consistent income streams with minimal risk of vacancy. This makes the area particularly attractive for those seeking a reliable and steady investment opportunity.
Data Sources: FMR data from HUD (2027).
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.