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 | $810 |
| 1 Bedroom | $870 |
| 2 Bedrooms | $1,110 |
| 3 Bedrooms | $1,320 |
| 4 Bedrooms | $1,500 |
| 5 Bedrooms | $1,740 |
| 6 Bedrooms | $1,949 |
| 7 Bedrooms | $2,105 |
| 8 Bedrooms | $2,210 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,110 | $201,754 | 0.55% | F |
| 3BR | $1,320 | $231,737 | 0.57% | F |
| 4BR | $1,500 | $270,683 | 0.55% | F |
U.S. Census Bureau data (2024)
In ZIP 13417, which encompasses New York Mills, NY, within the Utica-Rome, NY MSA metro area, the HUD Fair Market Rent (FMR) for FY 2024 is set at $980. This figure represents the 40th percentile rent in the area and is used to determine payment standard amounts for the Housing Choice Voucher program. In comparison, the market rent as reported by the Census ACS is $909. Given that the HUD FMR is higher than the market rent, voucher tenants in this ZIP code can cashflow at the FMR rate without requiring premium units.
The median home value in ZIP 13417 is $220,835. Using the HUD FMR of $980, the rent-to-price ratio for this area is approximately 0.45%. This indicates that rental properties in this ZIP code are relatively affordable compared to the median home value, suggesting a strong potential for steady cash flow.
Note that the median days on market (DOM) and the percentage of price cuts are not applicable in this context, as they pertain more to the buying dynamics rather than the rental market. However, the stable relationship between the HUD FMR and the market rent supports the idea that the rental market in ZIP 13417 is predictable and stable.
The strongest investor angle in ZIP 13417 is cashflow, given that the HUD FMR exceeds the market rent, ensuring that voucher tenants can cover the rent without the need for premium units.
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.