Location: Watertown-Fort Drum, NY | Metro: Watertown-Fort Drum, NY MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $930 |
| 1 Bedroom | $1,020 |
| 2 Bedrooms | $1,340 |
| 3 Bedrooms | $1,840 |
| 4 Bedrooms | $2,190 |
| 5 Bedrooms | $2,540 |
| 6 Bedrooms | $2,845 |
| 7 Bedrooms | $3,073 |
| 8 Bedrooms | $3,227 |
U.S. Census Bureau data (2024)
The ZIP code 13628, located within the Watertown-Fort Drum, NY MSA, presents an interesting case when compared to typical ZIP codes in this metropolitan area. The Fair Market Rent (FMR) for ZIP 13628 in fiscal year 2024 is set at $1260, which is slightly higher than the market rent figure of $1,214. This indicates that the government's assessment of what constitutes fair rent is marginally above the actual market rates.
A notable aspect of ZIP 13628 is its 27.0% renter share, which suggests a significant portion of the population rents rather than owns their homes. However, it's important to note that the home value data is not available for this ZIP code, making direct comparisons to other areas within the MSA challenging. Typically, a high renter share coupled with below-metro average home values can indicate a potential sweet spot for Section 8 investments, but without specific home value data, we cannot definitively make this inference.
Given the slight premium in FMR over market rent, and assuming the lack of home value data does not skew the analysis significantly, ZIP 13628 could be considered a mid-tier neighborhood within the Watertown-Fort Drum, NY MSA. It offers landlords a reasonable return on investment due to the FMR being slightly above the market rate, while also providing tenants with affordable housing options.
To determine if ZIP 13628 is indeed a value pocket or a premium sub-market, further analysis would be required, including comparing its renter share and FMR against other ZIP codes within the same MSA. If the renter share is consistently higher and home values remain lower, it could signal a prime opportunity for Section 8 investments. However, based on the available figures, ZIP 13628 stands out as a balanced option, neither exceptionally undervalued nor overpriced relative to the broader metropolitan context.
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.