Location: Utica-Rome, 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 | $910 |
| 1 Bedroom | $1,040 |
| 2 Bedrooms | $1,300 |
| 3 Bedrooms | $1,570 |
| 4 Bedrooms | $1,700 |
| 5 Bedrooms | $1,972 |
| 6 Bedrooms | $2,209 |
| 7 Bedrooms | $2,386 |
| 8 Bedrooms | $2,505 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,300 | $175,184 | 0.74% | D |
| 3BR | $1,570 | $229,093 | 0.69% | D |
| 4BR | $1,700 | $249,281 | 0.68% | D |
U.S. Census Bureau data (2024)
The rent math in ZIP 13409, encompassing Munnsville, NY, within the Utica-Rome, NY MSA metro area, presents a clear picture. The Fair Market Rent (FMR) for the fiscal year 2024 is set at $1,060, which is slightly higher than the reported market rent of $1,014 based on Census ACS data. This indicates that landlords can expect to charge a rent premium of approximately $46 above the market average, ensuring a positive cash flow for properties that meet the housing quality standards.
Acquisition in this ZIP code is moderately affordable. The median home value stands at $208,040, which is a reasonable investment point for landlords and small-portfolio investors. However, the lack of data on days on market (DOM) and the percentage of homes needing price cuts suggests a stable market with little to no indication of distressed sales or rapid turnover. This stability supports the idea that buying into this market will not be overly competitive or require significant negotiation skills.
Tenant demand is present but limited due to the relatively low population of 2,144 and a modest renter share of 14.8%. While these numbers indicate a smaller pool of potential tenants, the demand remains steady, and landlords can reasonably expect a consistent occupancy rate without significant vacancy concerns. The combination of a slight rent premium and a stable market suggests that maintaining tenancy should not pose significant challenges.
In summary, ZIP 13409 offers a viable investment opportunity for landlords and small-portfolio investors. The rent math works in favor of landlords, who can charge slightly above the market rate. Acquisition is affordable with a median home value of $208,040, and while the tenant demand is limited, it is sufficient to ensure steady occupancy. These factors collectively support a positive outlook for rental property investments in this area.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-07-31). 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.