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 | $970 |
| 1 Bedroom | $1,070 |
| 2 Bedrooms | $1,400 |
| 3 Bedrooms | $1,920 |
| 4 Bedrooms | $2,290 |
| 5 Bedrooms | $2,656 |
| 6 Bedrooms | $2,975 |
| 7 Bedrooms | $3,213 |
| 8 Bedrooms | $3,374 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,400 | $188,037 | 0.74% | D |
| 3BR | $1,920 | $240,880 | 0.8% | D |
| 4BR | $2,290 | $261,129 | 0.88% | C |
U.S. Census Bureau data (2024)
The rent math in ZIP 13606 does not favor landlords. The Fair Market Rent (FMR) set at $1,340 for the fiscal year 2024 contrasts sharply with the lower market rent observed, which stands at $1,125. This discrepancy means that landlords might struggle to find tenants willing to pay the higher FMR, thus impacting profitability.
Acquisition in this area is relatively affordable, with the median home value pegged at $224,003. However, the lack of data on days on market (DOM) and the percentage of homes requiring price cuts suggests limited insight into the speed and ease of selling properties here. Landlords should proceed with caution, considering these unknowns could affect their investment timeline and returns.
Tenant demand in ZIP 13606 is modest. With a total population of 2,468, only 14.4% are renters. This low renter share indicates a smaller pool of potential tenants, which could make it challenging to fill units consistently. Landlords must be prepared for potential vacancies and competition for tenants.
In summary, while the acquisition cost is reasonable, the mismatch between FMR and market rent, combined with a low renter share, presents significant challenges for landlords and small-portfolio investors in ZIP 13606. The potential for reduced occupancy and lower rental income makes this area less attractive for real estate investments focused on Section 8 tenancy.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-08-31). 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.