Location: Syracuse, NY | Metro: Syracuse, NY MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,570 |
| 1 Bedroom | $1,790 |
| 2 Bedrooms | $2,240 |
| 3 Bedrooms | $2,710 |
| 4 Bedrooms | $2,940 |
| 5 Bedrooms | $3,410 |
| 6 Bedrooms | $3,819 |
| 7 Bedrooms | $4,125 |
| 8 Bedrooms | $4,331 |
U.S. Census Bureau data (2024)
A skeptical investor might question whether the Fair Market Rent (FMR) of $1650 for ZIP 13418 in fiscal year 2024 will sufficiently cover the mortgage on a home. However, according to recent data, the median home value in ZIP 13418 is $125,000. This figure suggests that the majority of homes in the area are relatively affordable, which could mean that the mortgage payments are also manageable. But it's important to note that without a specific mortgage rate or loan term, we cannot definitively calculate if the FMR will cover the mortgage.
Another concern could be the level of renter demand at 23.8%. The realtor.com data indicates that ZIP 13418 has a moderate demand trend, which means that while the percentage may seem low, it aligns with the local market conditions. Renter demand can vary widely depending on factors such as job availability, population growth, and the overall economic climate of the region. In ZIP 13418, the demand appears stable, suggesting that finding tenants should not be overly difficult.
The final objection relates to whether housing vouchers will keep pace with the local market rents. While the HUD.gov data dashboard provides national trends and snapshots of utilization rates, it does not specify the rate for ZIP 13418. Therefore, we cannot provide a direct comparison between the voucher amounts and the FMR of $1650. However, historically, voucher amounts have been adjusted annually to reflect changes in the housing market. Landlords should ensure they are aware of any adjustments made by the local Public Housing Agency (PHA).
In conclusion, while some aspects of the data require further clarification, the median home value and the moderate renter demand suggest that investing in ZIP 13418 could be feasible. Investors should conduct thorough research and consult with local real estate experts to better understand the specifics of the market.
Data Sources: FMR data from HUD (2027). 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.