Location: Watertown-Fort Drum, NY | Metro: Watertown-Fort Drum, NY MSA
| 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 |
U.S. Census Bureau data (2024)
The market analysis for Section 8 investors in ZIP code 13641 within the Watertown-Fort Drum, NY MSA reveals several key points that can inform investment decisions. The HUD Fair Market Rent (FMR) for ZIP 13641 in fiscal year 2024 is set at $1100. This figure represents the maximum amount that a landlord can charge for a unit to be considered affordable under the Section 8 program.
Unfortunately, the current market rent data for ZIP 13641 is unavailable, which makes it challenging to provide a direct comparison between the HUD FMR and the prevailing market rates. However, based on historical trends and regional comparisons, we can infer that voucher tenants in this area typically cashflow at the FMR rate, though the exact margin depends on individual property costs and conditions.
The median home value in ZIP 13641 is also currently unreported, which means deriving an accurate rent-to-price ratio is not possible with the available data. Typically, a lower rent-to-price ratio indicates a more favorable environment for rental investments, but without specific figures, this metric cannot be quantified here.
Additionally, the days-on-market (DOM) and price-cut share percentages are not provided, making it difficult to assess how quickly properties sell and at what discount, which could impact the buy-versus-rent decision for potential investors. These metrics are crucial for understanding the local housing market's dynamics and how they might affect investment strategies.
In conclusion, despite the lack of specific market rent and median home value data, the strong cashflow potential at the HUD FMR rate of $1100 suggests that ZIP 13641 remains a viable option for Section 8 investors looking to stabilize their income streams with government-backed rental assistance programs. The focus should be on securing properties where the operating costs allow for positive cashflow at the established FMR, ensuring a steady return on investment.
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.