Location: Watertown-Fort Drum, NY | Metro: Watertown-Fort Drum, NY MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,110 |
| 1 Bedroom | $1,230 |
| 2 Bedrooms | $1,600 |
| 3 Bedrooms | $2,190 |
| 4 Bedrooms | $2,600 |
| 5 Bedrooms | $3,016 |
| 6 Bedrooms | $3,378 |
| 7 Bedrooms | $3,648 |
| 8 Bedrooms | $3,830 |
U.S. Census Bureau data (2024)
The analysis of ZIP 13602 within the Watertown-Fort Drum, NY MSA metro area reveals several key points that landlords and small-portfolio investors should consider.
The first question addresses whether the rent math works. The Fair Market Rent (FMR) for ZIP 13602 in fiscal year 2024 is set at $2040. However, due to the lack of current market rent data, it's challenging to directly compare these figures. Investors should be aware that FMR is designed to cover the cost of housing in the lowest-cost quartile of decent, safe, and sanitary rental units, which might not reflect the upper range of market rents. Therefore, achieving profitability solely based on FMR may require careful consideration of operational costs and property management expenses.
Regarding the affordability of acquisitions, the data does not provide specific figures for median home values, days on market (DOM), or the percentage of homes with price cuts. Without these metrics, assessing the overall cost and timing of acquiring properties becomes speculative. Landlords and investors should seek out additional local real estate market reports to determine if the current conditions support affordable property acquisitions.
Tenant demand is another critical factor. ZIP 13602 has a population of 2,440. Unfortunately, the data does not specify the percentage of renters within this population, making it difficult to gauge the potential occupancy rates and demand for rental properties. Given the size of the population, there could be a stable demand for housing, but the absence of detailed demographic information limits a comprehensive evaluation.
In conclusion, while the Fair Market Rent provides a benchmark for rental pricing, the lack of current market rent data complicates the assessment of profitability. Similarly, without specific figures for median home values, DOM, and price-cut shares, determining the affordability of acquisitions remains unclear. Lastly, the tenant demand appears to be present given the population size, but the exact percentage of renters is unknown. To make informed decisions, landlords and small-portfolio investors must gather additional local real estate and demographic data to fill in these gaps.
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.