Location: St. Lawrence County, NY | Metro: St. Lawrence County, NY
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 | $750 |
| 1 Bedroom | $830 |
| 2 Bedrooms | $1,080 |
| 3 Bedrooms | $1,290 |
| 4 Bedrooms | $1,420 |
| 5 Bedrooms | $1,647 |
| 6 Bedrooms | $1,845 |
| 7 Bedrooms | $1,993 |
| 8 Bedrooms | $2,093 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $1,290 | $111,106 | 1.16% | B |
U.S. Census Bureau data (2024)
The Section 8 cap-rate analysis for ZIP code 13635 provides a detailed look at the potential rental income for landlords and small-portfolio investors. Using the Federal Market Rent (FMR) of $1,060 per month for a 2-bedroom apartment as of FY 2026, the annualized rent comes to $12,720. In contrast, the market rent based on Census ACS data is $850 per month, equating to an annual rent of $10,200.
To derive the gross yield, we compare these annual rents to the median home value of $95,254. For the FMR scenario, the gross yield is calculated as follows:
$12,720 / $95,254 = 0.1335 or 13.35%
For the market rent scenario, the calculation is:
$10,200 / $95,254 = 0.1071 or 10.71%
The implied gross yields suggest that the FMR scenario offers a significantly higher return on investment compared to the market rent scenario. However, the decision on which scenario is more realistic hinges on several factors, including the local rental market conditions and the proportion of renters who qualify for Section 8 housing assistance.
ZIP code 13635 has a renter density of 20.2%, indicating that a substantial portion of residents may be seeking rental properties. While this figure suggests there could be demand for Section 8 properties, it does not provide insight into how many of those renters would actually qualify for the program. The median home value also plays a role in determining whether the property is eligible for the Section 8 program, as there are limits on the maximum value of homes that can participate.
Given the data, the FMR scenario presents a more optimistic outlook for potential returns. However, landlords should consider the practicalities of attracting and retaining tenants through the Section 8 program, including the administrative requirements and the fact that the rent is subsidized rather than fully market-driven. The market rent scenario, while less lucrative, may offer greater stability and ease of management for some investors.
In conclusion, while the FMR scenario of 13.35% gross yield is attractive, the market rent scenario of 10.71% is more grounded in current market realities. Investors should weigh these figures against their risk tolerance and management preferences when deciding on which scenario to pursue.
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.