Location: Lewis County, 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: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,260 | $171,302 | 0.74% | D |
| 3BR | $1,530 | $213,099 | 0.72% | D |
U.S. Census Bureau data (2024)
A skeptical investor looking into Williamstown, NY (ZIP 13493), might have several concerns regarding the feasibility of investing in this area under Section 8 guidelines. Let's address these concerns directly using the available data.
Objection 1: Will Fair Market Rent (FMR) of $1000 cover the mortgage on a $172,326 home?
The FMR for ZIP 13493 in fiscal year 2024 is set at $1000. To determine if this will cover the mortgage, we need to calculate the potential monthly mortgage payment. Assuming a 30-year fixed-rate mortgage at an average interest rate of 4.5%, the monthly payment on a $172,326 home would be approximately $850. This means that the FMR of $1000 does indeed cover the mortgage payment, leaving some room for maintenance and other expenses.
Objection 2: Is there enough renter demand at 16.1%?
The percentage of renters in Williamstown, NY, stands at 16.1%. While this figure is relatively low compared to urban areas, it still represents a significant portion of the housing market. The lower percentage could indicate that there is less competition among landlords, potentially leading to fewer vacancies. However, the data does not provide a complete picture of the actual number of Section 8 tenants in the area. It is important to research local housing authorities and tenant populations to better understand the demand.
Objection 3: Will vouchers keep pace with market rents of $947?
The average market rent in Williamstown, NY, is $947. With the FMR set at $1000, the voucher amount is expected to cover the majority of market rents, leaving only a small gap for tenants to make up. However, the data does not specify how often the voucher amounts are adjusted to match market conditions. It is crucial to monitor local housing authority policies and any changes in voucher amounts to ensure they continue to align with market rents.
In conclusion, while the data provides a good starting point for understanding the financial landscape of Williamstown, NY, under Section 8 guidelines, it is essential to conduct further research to address all concerns comprehensively. The FMR is sufficient to cover mortgage payments, and the renter demand, though modest, could still offer stable occupancy rates. Vouchers should generally keep pace with market rents, but ongoing monitoring is advised to ensure long-term viability.
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.