Location: Utica-Rome, NY | Metro: Syracuse, NY MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,020 |
| 1 Bedroom | $1,130 |
| 2 Bedrooms | $1,440 |
| 3 Bedrooms | $1,720 |
| 4 Bedrooms | $1,950 |
| 5 Bedrooms | $2,262 |
| 6 Bedrooms | $2,533 |
| 7 Bedrooms | $2,736 |
| 8 Bedrooms | $2,873 |
U.S. Census Bureau data (2024)
ZIP 13483, located within the Utica-Rome, NY MSA metro, serves as a strong cash-flow anchor for a Section 8 portfolio strategy. The Federal Market Rent (FMR) for ZIP 13483 in fiscal year 2024 is set at $1290, while the current market rent stands at $855. This creates a significant spread of $435 per unit, indicating that properties in this ZIP code can be rented out through the Section 8 program at a higher rate than the local market average.
The high spread between the FMR and market rent ensures a steady and reliable cash flow for landlords and small-portfolio investors. Given that the median home value is not available, the focus should be on rental properties rather than owner-occupied homes, making Section 8 an ideal program for securing long-term tenants who can afford the rent due to government subsidies.
Furthermore, with a renter share of 54.3%, there is a substantial demand for rental housing in ZIP 13483. The median income of $115,341 suggests that residents have the financial stability to participate in the Section 8 program, which typically requires tenants to contribute 30% of their income towards rent.
In conclusion, ZIP 13483 is best positioned as a cash-flow anchor within a Section 8 portfolio strategy. The guaranteed income from the program, combined with the favorable spread between FMR and market rent, provides a solid foundation for generating consistent returns. While appreciation and diversification opportunities are less evident, the primary benefit lies in the predictable and stable cash flow that this ZIP code offers.
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.