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 | $1,020 |
| 1 Bedroom | $1,130 |
| 2 Bedrooms | $1,440 |
| 3 Bedrooms | $1,720 |
| 4 Bedrooms | $1,950 |
| 5 Bedrooms | $2,262 |
| 6 Bedrooms | $2,533 |
| 7 Bedrooms | $2,736 |
| 8 Bedrooms | $2,873 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,440 | $219,009 | 0.66% | D |
| 3BR | $1,720 | $279,302 | 0.62% | D |
| 4BR | $1,950 | $409,406 | 0.48% | F |
| 5BR | $2,262 | $516,285 | 0.44% | F |
U.S. Census Bureau data (2024)
The analysis of ZIP code 13413, located in New Hartford, NY, within the Utica-Rome, NY MSA, reveals several key points that are crucial for landlords and small-portfolio investors.
The first question addresses whether the rent math works. The Fair Market Rent (FMR) for ZIP 13413 in fiscal year 2024 is set at $1,270. This figure represents the maximum rental amount eligible for tenants receiving housing assistance through the Section 8 program. In contrast, the market rent, measured by the Zillow Observed Rent Index (ZORI), stands at $1,963. This indicates that landlords would need to find a balance between the higher market rents and the lower FMRs if they wish to attract Section 8 tenants. The disparity suggests that relying solely on Section 8 vouchers may not cover the full market rent, making it essential for landlords to consider the mix of tenants they can accommodate.
Regarding the affordability of acquisitions, the median home value in ZIP 13413 is $301,118. However, the lack of data on days on market (DOM) and the low percentage of homes needing price cuts (0.2%) implies that the real estate market here is stable but does not offer significant discounts for investors looking to purchase properties below their appraised value. Landlords should be prepared to pay close to the median price when acquiring new properties in this area.
Tenant demand is another critical factor. With a total population of 16,742 and a 23.0% renter share, there is a notable base of potential tenants. This suggests that landlords can expect a steady stream of interested renters, although the pool is relatively small compared to larger metropolitan areas. Given the population size and renter share, landlords should focus on maintaining quality properties to ensure occupancy rates remain high.
In conclusion, while the rent math poses a challenge due to the significant difference between FMR and market rent, the stable real estate market and the presence of a consistent tenant base make ZIP 13413 a viable investment opportunity for those willing to manage a diverse mix of tenants and maintain competitive rental offerings. The median home value of $301,118 and the 23.0% renter share indicate that landlords can expect a reliable demand for rental properties, provided they are priced appropriately and meet the needs of both market-rate and subsidized tenants.
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.