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 analysis of ZIP code 13611 reveals a unique balance between yield potential and market stability. The Fair Market Rent (FMR) for the area stands at $1360 for fiscal year 2024, indicating a moderate rental yield compared to national averages. However, the lack of data regarding the local market rent and home values suggests that the area may not be heavily saturated with investment properties or have robust real estate transaction records, which could impact the overall yield potential.
In terms of stability, the ZIP code shows a relatively low percentage of renters at 9.9%. This figure is notably lower than typical metropolitan areas, suggesting a higher concentration of owner-occupied homes, which can provide a more stable tenant base. Additionally, the median household income of $70,139 provides insight into the economic health of the area. While this income level is not exceptionally high, it does suggest that residents have a reasonable ability to pay rent, contributing to the stability of rental cash flows.
The absence of data on days on market (DOM) further complicates the assessment of market volatility. A lower DOM would typically indicate a more active market where properties sell quickly, potentially benefiting short-term flipping strategies. Conversely, a higher DOM might suggest a slower-paced market, more suitable for long-term rentals.
Given the available data, ZIP 13611 appears to be more of a steady-cashflow zone rather than a high-yield/low-stability flip-style market. The FMR of $1360 suggests a consistent rental income, while the moderate median income and low percentage of renters point towards a stable environment where tenants are likely to stay longer. This combination makes it less attractive for quick flips but more suitable for those looking to generate reliable rental income over time.
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.