Section 8 Fair Market Rent (FMR) for ZIP 13435 - 2027
Location: Utica-Rome, NY | Metro: Utica-Rome, NY MSA
FY 2027 Fair Market Rent Rates
| 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 |
Demographics & Housing Statistics
U.S. Census Bureau data (2024)
Median Household Income
$46,971
When considering whether to invest in ZIP code 13435 for Section 8 properties, follow these steps:
1. Does FMR $950 clear debt service on a $168,690 property?
- Yes: The Fair Market Rent (FMR) of $950 can cover the debt service on a property valued at $168,690. This means that the rental income is sufficient to meet the mortgage payments and other expenses associated with owning the property.
- No: If the FMR does not cover the debt service, then investing in this ZIP code would not be financially viable for Section 8 properties. However, based on the given data, the FMR of $950 does clear the debt service on a property costing $168,690.
2. Is market rent above, at, or below FMR?
- N/A: There is no data available regarding the market rent in ZIP 13435. Without this information, it's impossible to determine if the market rent is higher or lower than the FMR. This uncertainty can affect the decision-making process as it impacts the potential for non-Section 8 tenants to pay higher rents.
3. Are 0.0% renters + N/A-day DOM enough demand?
- It Depends: The percentage of renters being 0.0% suggests there might be a lack of demand for rental properties in this area. However, the Days on Market (DOM) being N/A indicates incomplete data, which could mean that properties either sell quickly or there isn't much activity to measure. To make a decision, you need to look into the local rental market trends and understand the competition. If there is a significant number of Section 8 tenants looking for housing, the low percentage of renters might still indicate a viable market. Conversely, if the rental market is weak overall, this ZIP code might not be a good investment.
In conclusion, ZIP 13435 appears to have an FMR that can support the debt service on a property costing $168,690. However, due to the lack of specific market rent data and the incomplete Days on Market information, the decision to invest hinges on further investigation into the local rental market conditions and tenant demand.
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.