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: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $1,720 | $218,102 | 0.79% | D |
| 4BR | $2,110 | $250,871 | 0.84% | C |
U.S. Census Bureau data (2024)
The ZIP code 13615 presents several challenges for landlords considering participation in the Section 8 program. Tenant turnover is a significant concern, especially when comparing the market rent of $900 to the Fair Market Rent (FMR) of $1100 for FY 2024. This discrepancy suggests that landlords might struggle to retain tenants who can afford the higher FMR but not the market rent, leading to frequent vacancies and associated costs.
Vacancy exposure is another critical issue. The average days on market (DOM) for properties in this area is not available, which makes it difficult to predict how long it might take to find a tenant. However, given the high FMR compared to the market rent, landlords could face extended periods of vacancy, particularly if they set rents at or near the FMR level.
Deferred maintenance poses a substantial risk due to the relatively low median income of $101,563 and the typical home value of $207,229. Landlords may need to invest in property improvements to meet Section 8 requirements, which can be costly. With incomes lower than home values, tenants may have limited financial resources to cover unexpected repairs, placing the burden entirely on the landlord.
Despite these risks, the high renter share of 20.6% in ZIP 13615 indicates a strong potential for voucher demand. High renter density often translates into greater interest in subsidized housing, meaning landlords could attract tenants through the Section 8 program despite the challenges. This demand helps mitigate some of the risks associated with tenant turnover and vacancy exposure.
Verdict: Moderate risk for a first-time Section 8 landlord.
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.