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 |
ZIP 13401, located in McConnellsville, NY, represents a small-sized community with diverse demographics. It has a total population of 8,401 residents, with a median age of 36 years. The community is characterized by a working-class earning profile, with a median household income of $38,401, which is 18.4% higher than it was five years ago.
The median home value in McConnellsville is $165,201, reflecting an affordable housing market. This value has increased by 42.6% over the past five years. The median rent is $1,066, up 22.3% from $842 five years ago. The Fair Market Rent (FMR) for ZIP 13401 for the fiscal year 2024 is $1,010, slightly below the current median rent of $1,030.
This area fits well for a hands-on value-add buyer rather than a hands-off voucher operator. The rising median income and home values indicate a growing economy and potential for appreciation. Additionally, the below-average cost of living index of 59 suggests that McConnellsville offers good value for money, making it attractive for those looking to improve their properties and benefit from increasing demand and value.
The employment rate is strong at 95%, with a labor force of 5,058. Top industries by employment include healthcare and social assistance (19%), retail trade (11.6%), and education (10.8%). This mix of industries supports a stable job market, which can help maintain a steady stream of tenants.
In conclusion, McConnellsville, NY (ZIP 13401) offers a blend of affordability and growth potential, making it a favorable location for investors willing to actively manage and enhance their properties. The slight discrepancy between the FMR and the actual median rent also indicates room for adjustment and optimization in rental pricing strategies.
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.