Location: Syracuse, NY | Metro: Syracuse, NY MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $920 |
| 1 Bedroom | $1,050 |
| 2 Bedrooms | $1,310 |
| 3 Bedrooms | $1,590 |
| 4 Bedrooms | $1,720 |
| 5 Bedrooms | $1,995 |
| 6 Bedrooms | $2,234 |
| 7 Bedrooms | $2,413 |
| 8 Bedrooms | $2,534 |
U.S. Census Bureau data (2024)
ZIP code 13484, located within the Syracuse, NY MSA, presents an interesting case for real estate analysis. The Fair Market Rent (FMR) for the area is set at $1030 for fiscal year 2024, which is a key figure for understanding the rental landscape for landlords and small-portfolio investors. However, the lack of specific market rent and home value data makes it challenging to provide a comprehensive comparison against other typical ZIP codes within the Syracuse, NY MSA.
The 0.0% renter share indicates that there are no reported renters in ZIP code 13484, which is unusual and suggests that the majority of homes in this area are owner-occupied. This characteristic alone diverges significantly from what might be considered typical for many ZIP codes within the larger Syracuse metropolitan area, where renter shares can vary widely depending on the neighborhood's amenities, accessibility, and overall desirability.
Given the FMR of $1030 and the absence of renters, we can infer that 13484 is unlikely to be a premium sub-market within the Syracuse, NY MSA. Premium sub-markets typically have higher rents and a mix of owner-occupied and rental properties. Instead, 13484 appears to be a value pocket, characterized by lower rental rates and a predominantly owner-occupied housing stock. This suggests that the area may not attract many renters but could be appealing for first-time homebuyers or those seeking affordable homeownership options.
To determine if 13484 is a Section 8 sweet spot, additional data would be needed regarding the percentage of units that qualify for and participate in the Section 8 program. A high renter share coupled with below-average home values in other ZIP codes often indicates a sweet spot for Section 8 investment, but the lack of renters in 13484 means that it does not fit this profile. Landlords should consider the limited rental market and the potential for converting owner-occupied units into rentals if they wish to operate in this ZIP code.
In summary, ZIP code 13484 stands out as a value pocket within the Syracuse, NY MSA due to its low FMR and lack of rental activity. While it does not present itself as a prime location for Section 8 investments based on the available data, it still offers opportunities for those interested in affordable homeownership markets.
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.