Section 8 Fair Market Rent (FMR) for ZIP 13503 - 2027

FY 2027 Fair Market Rent Rates

The ZIP code 13503 is situated in Utica, NY, and represents an established neighborhood with a total population of 8,503 residents. The community is predominantly composed of renters, though specific percentages are not provided. The median household income in this area is $38,503, reflecting a working-class earning profile.

The median home value stands at $173,494, indicating an affordable housing market. However, the Federal Market Rent (FMR) for ZIP code 13503 in fiscal year 2024 is set at $1,010, which is slightly lower than the current median rent of $1,069.

Given the data, ZIP code 13503 is well-suited for hands-off voucher operators due to its below-average cost of living and moderate safety scores. The area's livability score of 71 suggests a good quality of life, with particular strengths in housing and employment opportunities. However, it may also appeal to hands-on value-add buyers who are willing to invest in improving the local real estate stock, given the recent positive trends in home values and median income.

The overall cost index of 59 is below the national average, making it an attractive option for those seeking to stretch their budgets further. With industries such as professional services, healthcare, retail trade, and education being prominent, the job market remains steady, albeit with an unemployment rate of 8.9%.

In conclusion, ZIP code 13503 offers a balanced opportunity for both passive and active real estate investors, depending on their risk tolerance and investment strategy.

Data Sources: FMR data from HUD (2027).

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.