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 | $880 |
| 2 Bedrooms | $1,130 |
| 3 Bedrooms | $1,350 |
| 4 Bedrooms | $1,530 |
| 5 Bedrooms | $1,775 |
| 6 Bedrooms | $1,988 |
| 7 Bedrooms | $2,147 |
| 8 Bedrooms | $2,254 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,130 | $200,200 | 0.56% | F |
| 3BR | $1,350 | $245,899 | 0.55% | F |
| 4BR | $1,530 | $281,713 | 0.54% | F |
U.S. Census Bureau data (2024)
The ZIP code 13478, located in Verona, NY, within the Utica-Rome, NY MSA, presents an interesting comparison to the typical ZIP codes in its metro area. The Fair Market Rent (FMR) for 13478 is set at $990 for the fiscal year 2024, which is higher than the market rent of $846. This suggests that the rental prices in 13478 are slightly above what might be considered market rates, potentially due to government intervention through programs like Section 8.
The median home value in 13478 stands at $229,409, which is likely below the average home values found across the broader Utica-Rome MSA. This indicates that 13478 could be seen as a more affordable or value-oriented sub-market within the larger metro area.
The renter share in 13478 is 8.8%, which is relatively low compared to other ZIP codes that might have a higher percentage of renters. However, this low renter share coupled with below-average home values could still make it a desirable location for Section 8 tenants looking for affordable housing options.
To determine if 13478 is a value pocket, a mid-tier neighborhood, or a premium sub-market within the Utica-Rome MSA, we can consider the following:
If the typical ZIP codes in the Utica-Rome MSA have higher FMRs and market rents, then 13478 would be considered a value pocket, offering lower costs to both landlords and tenants participating in the Section 8 program.
If the FMR and market rents are similar to those in other ZIP codes within the MSA, but the home values are significantly lower, then 13478 could be seen as a mid-tier neighborhood, providing a balance between affordability and access to Section 8 subsidies.
If the FMR is notably higher than other ZIP codes in the MSA while the home values remain low, this could indicate a premium sub-market where landlords benefit from higher rental income relative to property costs.
The key divergence here is the combination of a slightly elevated FMR with below-average home values and a modest renter share. This scenario often points to a potential sweet spot for Section 8 landlords and investors who seek to capitalize on affordable properties with subsidized rental income. While we do not have comparative data for all ZIP codes in the Utica-Rome MSA, the figures suggest that 13478 offers a unique opportunity within its metro area.
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.