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 | $538,998 | 0.32% | F |
U.S. Census Bureau data (2024)
The analysis of the Section 8 program in ZIP code 13640 focuses on the discrepancy between the Fair Market Rent (FMR) and the actual market rent. For fiscal year 2024, the FMR for ZIP 13640 is set at $1100. However, the market rent figure is currently unavailable, which makes it challenging to calculate the exact gap in dollars and percentage.
In the absence of the market rent data, we can still provide insight into how the FMR compares to other economic indicators in the area. The median home value in ZIP 13640 stands at $448,668, while the median household income is $118,026. Given that there are no reported renters in the area (0.0%), it suggests that rental properties might be at a premium, potentially higher than the FMR.
If the FMR were to exceed the market rent, this would create an opportunity for landlords and small-portfolio investors to attract voucher tenants, thereby increasing their yield. Voucher tenants bring a steady, government-backed source of income, which can be particularly attractive in a market where rental demand is low.
Conversely, if the FMR is lower than the market rent, landlords accepting Section 8 vouchers may face a financial shortfall. This scenario requires landlords to accept rents below what the open market might offer, which could reduce profit margins. In such cases, landlords must weigh the benefits of guaranteed payments against the potential loss of revenue.
The lack of renters in the area (0.0%) indicates a predominantly owner-occupied market. This characteristic could influence the dynamics of rental pricing and the desirability of Section 8 tenants. Landlords should consider these factors when deciding whether to participate in the Section 8 program.
To summarize, the key point for landlords and small-portfolio investors in ZIP 13640 is the relationship between the FMR and the actual market rent. Without definitive market rent data, the decision to participate in Section 8 will hinge on the broader economic context and the specific needs of the property owner.
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.