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 | $840 |
| 2 Bedrooms | $1,080 |
| 3 Bedrooms | $1,290 |
| 4 Bedrooms | $1,470 |
| 5 Bedrooms | $1,705 |
| 6 Bedrooms | $1,910 |
| 7 Bedrooms | $2,063 |
| 8 Bedrooms | $2,166 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $1,290 | $257,019 | 0.5% | F |
| 4BR | $1,470 | $311,359 | 0.47% | F |
U.S. Census Bureau data (2024)
The ZIP code 13424, with a population of 2,306, has a rental market that represents 18.7% of its housing stock. This indicates that it is not a heavily renter-dominated area but rather leans towards homeownership. The median household income in this ZIP is $84,844, which provides a solid financial foundation for potential tenants.
The typical market rent in this area is $892, which consumes approximately 10.5% of the median household income. This figure is derived by dividing the average monthly rent by the annual median income and multiplying by 12. Given that the Fair Market Rent (FMR) for the area is set at $950 for FY 2024, the actual market rent is slightly below this benchmark, suggesting a competitive environment for landlords.
To understand the depth of voucher demand, consider that the percentage of renters is relatively low compared to areas with higher concentrations of rental properties. However, the income levels and the disparity between market rents and FMR indicate that there is still a significant portion of the population that could benefit from Section 8 vouchers, particularly those with lower incomes who are renting.
A landlord in ZIP 13424 can expect a tenant profile that includes individuals and families who are financially stable enough to afford rent without subsidies, as well as those who may rely on Section 8 vouchers. The latter group would likely be renting at or near the FMR, while non-subsidized tenants might find slightly lower rents in the market. Landlords should be prepared to manage a diverse mix of tenants, ensuring compliance with both the market and voucher regulations.
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.