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 |
|---|---|---|---|---|
| 2BR | $1,270 | $230,244 | 0.55% | F |
| 3BR | $1,720 | $255,903 | 0.67% | D |
| 4BR | $2,110 | $303,903 | 0.69% | D |
U.S. Census Bureau data (2024)
The rent math in ZIP code 13634, located in Dexter, NY within the Watertown-Fort Drum, NY MSA metro area, does not work favorably for landlords. The Fair Market Rent (FMR) set at $1200 for the fiscal year 2024 is significantly higher than the actual market rent, which stands at $764 according to Census ACS data. This discrepancy means that landlords might struggle to charge rents at the FMR level without facing resistance from tenants.
Acquisition of properties in this ZIP code is relatively affordable, given the median home value is $233,650. However, the lack of available data on days on market (DOM) and the percentage of homes that required a price cut suggests that the market for property sales is either stable or slow. Without these figures, it's difficult to assess the competitiveness of the market and the ease with which properties can be sold if needed.
Tenant demand is moderate in ZIP 13634. With a total population of 3,570, the renter share is 15.1%, indicating a smaller pool of potential tenants compared to areas with higher rental shares. This could mean that landlords may face challenges in filling vacancies quickly, especially if they are pricing their rentals closer to the FMR rather than the market rate.
Verdict: ZIP 13634 presents a challenging environment for landlords due to the significant gap between the FMR and market rent. While property acquisition is reasonably priced, the limited data on market dynamics and moderate tenant demand suggest that maintaining occupancy and achieving desired rental yields will be difficult. Landlords should consider pricing strategies that align closely with market rates to ensure steady income and avoid prolonged vacancy periods.
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.