Location: Utica-Rome, 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: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,260 | $192,540 | 0.65% | D |
| 3BR | $1,530 | $233,528 | 0.66% | D |
| 4BR | $1,670 | $262,392 | 0.64% | D |
U.S. Census Bureau data (2024)
In ZIP code 13480 in Waterville, NY, there are several potential risks that a first-time Section 8 landlord should be aware of. Tenant turnover is likely to be higher due to the gap between the market rent of $849 and the Fair Market Rent (FMR) of $1000 for fiscal year 2024. This discrepancy suggests that tenants might leave when they find better rental deals elsewhere. Vacancy exposure is another concern, as the days on market (DOM) for homes in this area is not available, making it difficult to predict how long a property might remain vacant. Given the typical home value of $218,443 and the median income of $85,435, landlords may also face the challenge of deferred maintenance. With median incomes lower than the cost of maintaining a typical home, tenants might struggle to keep up with necessary repairs and upkeep.
However, these risks must be weighed against the high concentration of renters in the area. The renter share is 31.7%, indicating a strong demand for rental properties, which often translates into higher demand for Section 8 vouchers. This high renter density can provide a steady pool of potential tenants who qualify for the program, reducing the likelihood of prolonged vacancies and ensuring a consistent stream of rental income.
Despite the challenges, the presence of a large number of renters in Waterville, NY, makes this ZIP code a moderate risk for a first-time Section 8 landlord. The high renter share offers some protection against vacancy exposure, but the need for careful management of tenant turnover and maintenance issues remains critical.
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.