Location: Otsego County, NY | Metro: Utica-Rome, NY MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $810 |
| 1 Bedroom | $870 |
| 2 Bedrooms | $1,110 |
| 3 Bedrooms | $1,330 |
| 4 Bedrooms | $1,470 |
| 5 Bedrooms | $1,705 |
| 6 Bedrooms | $1,910 |
| 7 Bedrooms | $2,063 |
| 8 Bedrooms | $2,166 |
U.S. Census Bureau data (2024)
The analysis of ZIP code 13475 reveals several key points that are crucial for landlords and small-portfolio investors.
The rent math does not work in favor of landlords. The Fair Market Rent (FMR) for ZIP 13475 in fiscal year 2024 is set at $980. However, due to the lack of available market rent data, it's impossible to make an accurate comparison. This absence suggests a potential gap in understanding local rental dynamics, which could be problematic for setting competitive rents.
Regarding property acquisition, the area presents mixed signals. With the median home value being unavailable, it's challenging to gauge the affordability of purchasing properties. Additionally, the lack of data on days on market (DOM) and the percentage of price cuts indicates insufficient information to assess how quickly properties sell and whether they typically require price reductions. This makes it difficult to predict the ease or cost of acquiring investment properties in this ZIP code.
Tenant demand is relatively strong in ZIP 13475. With a population of 44 and a significant 46.4% renter share, there is a notable portion of residents who prefer renting over owning. This high renter share suggests that there is a steady pool of potential tenants, which is favorable for landlords looking to maintain occupancy rates.
In summary, while there is a clear tenant base in ZIP 13475, the lack of comprehensive data on market rents and property acquisition metrics makes it challenging to determine the overall viability of investing in this area. Landlords should proceed with caution, focusing on areas where the rent math works and acquisition costs are transparent and affordable.
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.