Location: Chenango 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 | $153,572 | 0.82% | C |
| 3BR | $1,530 | $196,043 | 0.78% | D |
| 4BR | $1,670 | $248,447 | 0.67% | D |
U.S. Census Bureau data (2024)
The ZIP code 13460, encompassing Sherburne, NY, presents a market characterized by a balance between rental affordability and homeownership values. The Fair Market Rent (FMR) for ZIP 13460 in fiscal year 2024 is set at $1000, which serves as a benchmark for affordable rental units. Meanwhile, the actual market rent, according to the Census ACS, stands at $862. This suggests that the rental market is slightly below the federal standard, indicating either a competitive landscape or an area where rents have yet to reach the FMR.
The median home value in the area is $179,109, which is a significant figure for both potential buyers and sellers. It reflects the overall cost of homeownership in the region, providing insight into the local real estate economy. However, the lack of specific data on price-cut share and days on market (DOM) means we cannot definitively state whether supply outpaces demand or vice versa. These missing metrics would typically help us understand the speed and ease with which homes are sold, and whether sellers are adjusting their prices due to market conditions.
The renter share in ZIP 13460 is 27.7%. This percentage highlights a notable segment of the population that relies on rental housing, which can be indicative of long-term housing pressures. A higher renter share often points to areas where buying a home is less accessible, either due to financial constraints or other factors that influence housing decisions. In Sherburne, this suggests ongoing demand for rental properties, as a significant portion of residents prefer or need to rent rather than own.
In summary, ZIP 13460 appears to be a dynamic market with a mix of renters and homeowners. The rental market is slightly below the federal benchmark, suggesting either a competitive environment or a lag in reaching FMR. The median home value indicates the general cost of homeownership, but without further context on recent trends, it's challenging to determine if supply or demand is currently the dominant force. The substantial renter share implies continuous pressure on the rental sector, making it a key component of the local housing landscape.
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.