Location: Watertown-Fort Drum, NY | Metro: Watertown-Fort Drum, NY MSA
| 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 |
U.S. Census Bureau data (2024)
The ZIP code 13607, located in Alexandria Bay, NY, presents an interesting balance between yield and stability when considering investments for Section 8 properties. With a Fair Market Rent (FMR) set at $1,100 for fiscal year 2024, the rental income potential significantly outpaces the median market rent of $663. This suggests a higher yield opportunity for landlords willing to participate in the Section 8 program.
The median home value in the area is $259,704, which is relatively stable and indicates a moderate investment cost. However, the stability of the market is somewhat compromised by the fact that only 34.5% of residents are renters. This lower percentage of renters can affect the overall demand for rental properties, potentially leading to longer vacancy periods if not enough tenants qualify for the Section 8 program.
Income levels in ZIP 13607 average at $66,500, which is another factor that could impact the number of eligible Section 8 tenants. While this figure does not directly correlate to stability, it does influence the tenant pool size and their ability to meet the income requirements for the Section 8 program.
In conclusion, ZIP 13607 leans towards being a high-yield/low-stability market. The significant difference between the FMR ($1,100) and the median market rent ($663) provides a strong incentive for higher rental income. However, the low percentage of renters (34.5%) and limited data on the average days on market (DOM) suggest a less stable environment compared to areas with higher rental populations or more robust market turnover rates.
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.