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 | $1,090 |
| 1 Bedroom | $1,130 |
| 2 Bedrooms | $1,430 |
| 3 Bedrooms | $1,710 |
| 4 Bedrooms | $1,980 |
| 5 Bedrooms | $2,297 |
| 6 Bedrooms | $2,573 |
| 7 Bedrooms | $2,779 |
| 8 Bedrooms | $2,918 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $1,710 | $298,210 | 0.57% | F |
U.S. Census Bureau data (2024)
The analysis of ZIP code 13363 within the Utica-Rome, NY MSA reveals several key insights for landlords and small-portfolio investors.
The first question addresses whether the rent math works. The Fair Market Rent (FMR) for ZIP 13363 in fiscal year 2024 is set at $1330. However, the market rent data is currently unavailable, which makes it challenging to directly compare the two figures. Despite this gap in information, the FMR serves as a benchmark for rental pricing in subsidized housing scenarios.
Regarding the affordability of acquisition, the median home value in ZIP 13363 stands at $236,839. This figure indicates that purchasing property in this area is relatively accessible compared to more expensive markets. Unfortunately, the data on days on market (DOM) and the percentage of homes needing price cuts is also missing, which would have helped assess how quickly properties sell and if there's a need for competitive pricing strategies.
Tenant demand is another critical factor. With a population of 1,981 and a renter share of 6.5%, the pool of potential tenants is limited. This low percentage suggests that most residents prefer homeownership over renting, which could impact the availability of tenants willing to pay the FMR or higher.
Verdict: While the median home value in ZIP 13363 makes acquisitions financially feasible, the limited tenant demand poses a significant challenge. Landlords should carefully evaluate the local rental market dynamics and consider the FMR as a guideline for setting reasonable rents. Given the scarcity of renters, focusing on quality and affordability may be necessary to attract and retain tenants. The absence of market rent data complicates a full assessment but underscores the importance of staying informed about local trends and adjustments.
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.