Location: Watertown-Fort Drum, NY | Metro: Watertown-Fort Drum, 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 | $1,270 |
| 3 Bedrooms | $1,720 |
| 4 Bedrooms | $2,110 |
| 5 Bedrooms | $2,448 |
| 6 Bedrooms | $2,742 |
| 7 Bedrooms | $2,961 |
| 8 Bedrooms | $3,109 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,270 | $199,415 | 0.64% | D |
| 3BR | $1,720 | $233,589 | 0.74% | D |
| 4BR | $2,110 | $250,069 | 0.84% | C |
| 5BR | $2,448 | $273,216 | 0.9% | C |
U.S. Census Bureau data (2024)
The renter's landscape in ZIP code 13605, located in Adams, NY, is marked by a significant affordability gap. Households in this area have a median income of $70,045, which makes the market rate rent of $740 per month challenging for many residents. This discrepancy highlights the financial strain on renters who must allocate a substantial portion of their earnings towards housing.
In comparison, the Fair Market Rent (FMR) set at $1100 for fiscal year 2024 presents an even higher hurdle for local tenants. The FMR, which is the basis for Section 8 voucher payments, far exceeds the actual market rate, indicating that while vouchers offer higher rates, they might not be accessible to all tenants due to eligibility criteria and limited availability.
With 29.1% of the population being renters and a total population of 5,259, the competition among landlords is likely to be fierce. Landlords must consider the economic reality of their tenants when deciding between accepting Section 8 vouchers or relying solely on cash-paying tenants. While vouchers guarantee a fixed, government-backed payment, landlords may face challenges in filling units if potential tenants cannot meet the voucher requirements.
The takeaway for landlords is clear: understanding the local economic conditions is crucial. Accepting vouchers can provide a steady stream of income but requires navigating the complexities of the housing assistance program. On the other hand, focusing on cash-paying tenants means staying attuned to the financial capabilities of the local renter base, which currently averages around $740 per month. Balancing these two strategies will be key to success in the competitive rental market of ZIP 13605.
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.