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 | $880 |
| 1 Bedroom | $970 |
| 2 Bedrooms | $1,240 |
| 3 Bedrooms | $1,470 |
| 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: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $1,470 | $258,940 | 0.57% | F |
U.S. Census Bureau data (2024)
The investment landscape in ZIP 13490 presents several challenges for landlords and small-portfolio investors considering Section 8 participation. Tenant turnover rates can be a significant issue, especially when comparing the local market rent, which is currently unavailable, to the $1030 Fair Market Rent (FMR) for the fiscal year 2024. This discrepancy could lead to frequent changes in occupancy, affecting long-term stability and cash flow.
Vacancy exposure is another critical factor. With an unknown number of days on the market (DOM), landlords must prepare for potential periods where the property stands empty. Such gaps can significantly impact the financial performance of the investment, particularly if the landlord relies heavily on rental income.
Deferred maintenance poses a considerable threat due to the relatively low median home value of $248,702 compared to the median income of $135,302. The financial strain on residents may limit their ability to cover maintenance costs, shifting the burden onto landlords. This imbalance between home values and incomes suggests that properties might require more upkeep than anticipated, potentially straining budgets and resources.
However, these risks are somewhat mitigated by the high concentration of renters in the area, represented by a 13.8% renter share. High renter density typically correlates with higher demand for housing vouchers, indicating a robust pool of potential tenants who qualify for Section 8 assistance. This demand can stabilize occupancy rates and reduce the likelihood of prolonged vacancies.
In conclusion, despite the challenges posed by tenant turnover, vacancy exposure, and deferred maintenance, the strong presence of renters makes ZIP 13490 a moderate risk area for a first-time Section 8 landlord.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-07-31). 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.