Location: Lewis County, NY | Metro: Syracuse, 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 | $900 |
| 1 Bedroom | $1,020 |
| 2 Bedrooms | $1,260 |
| 3 Bedrooms | $1,530 |
| 4 Bedrooms | $1,670 |
| 5 Bedrooms | $1,937 |
| 6 Bedrooms | $2,169 |
| 7 Bedrooms | $2,343 |
| 8 Bedrooms | $2,460 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,260 | $151,224 | 0.83% | C |
U.S. Census Bureau data (2024)
In ZIP code 13437 in Redfield, NY, landlords considering Section 8 investments must be aware of several potential issues that can impact their profitability and property management experience. Tenant turnover is a significant concern due to the disparity between the market rent of $683 and the Federal Market Rent (FMR) of $1,000 for FY 2024. This difference suggests that tenants may struggle to afford higher rents, leading to frequent moves and high vacancy rates. Additionally, the lack of available data on Days on Market (DOM) indicates an uncertainty regarding how long it might take to fill vacancies, which could expose landlords to periods of non-rent collection.
The typical home value in the area stands at $132,388, while the median income is $48,438. These figures suggest that many homeowners may defer maintenance to save money, potentially increasing the cost of repairs and upkeep for rental properties. The combination of high vacancy risks and deferred maintenance can lead to substantial financial burdens for landlords, especially when dealing with properties that require regular attention and updates.
However, these risks must be weighed against the high renter share of 8.1% in the area. High renter density typically translates into a robust demand for rental properties, including those that accept Section 8 vouchers. This demand can help mitigate some of the risks associated with tenant turnover and vacancy exposure, as there is likely to be a steady stream of potential tenants who can afford the subsidized rent.
Verdict: Moderate risk for a first-time Section 8 landlord. While there are significant challenges related to tenant turnover and maintenance costs, the high renter share offers a degree of stability and demand that can offset these concerns.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-07-31). 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.