Location: Utica-Rome, NY | Metro: Utica-Rome, NY MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $870 |
| 1 Bedroom | $960 |
| 2 Bedrooms | $1,230 |
| 3 Bedrooms | $1,470 |
| 4 Bedrooms | $1,660 |
| 5 Bedrooms | $1,926 |
| 6 Bedrooms | $2,157 |
| 7 Bedrooms | $2,330 |
| 8 Bedrooms | $2,447 |
The ZIP code 13505, located in the Utica-Rome, NY MSA, serves as a solid cash-flow anchor within a Section 8 portfolio strategy. The Fair Market Rent (FMR) for FY 2024 is set at $1010 for a one-bedroom unit, which is a reliable benchmark for rental income. Despite the lack of recent market data and median home value figures, the stable FMR ensures consistent cash flow.
The absence of significant appreciation potential is evident from the incomplete data on price-cut shares and Days on Market (DOM). This suggests that while property values may remain steady, there is little opportunity for substantial capital gains in the short term. Landlords and small-portfolio investors should focus on the rental income rather than speculative growth.
ZIP 13505 does not appear to be a diversifier due to the lack of information on the percentage of renters and median income. However, given the stable FMR and the fact that Section 8 vouchers provide a guaranteed source of income, this area remains attractive for those seeking a dependable income stream.
To summarize, ZIP 13505 is best suited as a cash-flow anchor in a Section 8 portfolio, offering a secure and predictable income through the $1010 FMR for one-bedroom units. While appreciation and diversification opportunities may be limited, the consistent rental income makes it a valuable addition to any investment strategy focused on stability and reliability.
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.