Location: Syracuse, NY | Metro: Syracuse, 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 | $950 |
| 1 Bedroom | $1,080 |
| 2 Bedrooms | $1,350 |
| 3 Bedrooms | $1,640 |
| 4 Bedrooms | $1,770 |
| 5 Bedrooms | $2,053 |
| 6 Bedrooms | $2,299 |
| 7 Bedrooms | $2,483 |
| 8 Bedrooms | $2,607 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,350 | $215,431 | 0.63% | D |
| 3BR | $1,640 | $247,301 | 0.66% | D |
| 4BR | $1,770 | $271,244 | 0.65% | D |
U.S. Census Bureau data (2024)
The analysis of the Section 8 program in ZIP code 13408, Morrisville, NY, reveals a significant gap between the Fair Market Rent (FMR) set at $1000 and the actual market rent of $876 for the fiscal year 2024. This gap amounts to $124, or approximately 14%, which clearly demonstrates that the FMR exceeds the market rent. This scenario presents a unique opportunity for landlords and small-portfolio investors to capitalize on the yield potential offered by voucher tenants.
In Morrisville, NY, where 23.5% of residents are renters, the median home value stands at $229,929, indicating a stable residential market. The median household income is $68,750, which suggests that many local residents could benefit from the assistance provided by the Section 8 Housing Choice Voucher program. Given that the FMR is higher than the market rent, landlords who accept voucher tenants can charge closer to the FMR rate, thereby increasing their rental income without exceeding what is considered fair and reasonable in the area.
The yield advantage is clear: by renting to voucher holders, landlords can receive a higher monthly payment compared to the open-market rate. For example, if a landlord sets the rent at the FMR rate of $1000, they will earn $124 more per month than the typical market rent of $876. Over the course of a year, this translates into an additional $1,488 in income, solely due to the alignment with the FMR guidelines.
However, it's important to note that accepting voucher tenants also comes with certain responsibilities and compliance requirements. Landlords must ensure that their properties meet the Housing Quality Standards (HQS), and they must undergo regular inspections. Despite these obligations, the financial benefits, particularly in a market where the FMR is notably above the average rent, make it a worthwhile consideration for maximizing returns on investment.
In summary, the gap between the FMR and market rent in Morrisville, NY, makes it a favorable environment for landlords and investors looking to leverage the yield potential of the Section 8 program. By aligning their rental pricing with the FMR, they can achieve higher monthly revenues while providing affordable housing options to local residents.
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.