Location: St. Lawrence County, NY | Metro: St. Lawrence County, NY
| Unit Size | Monthly FMR |
|---|---|
| Studio | $950 |
| 1 Bedroom | $1,050 |
| 2 Bedrooms | $1,370 |
| 3 Bedrooms | $1,640 |
| 4 Bedrooms | $1,800 |
| 5 Bedrooms | $2,088 |
| 6 Bedrooms | $2,339 |
| 7 Bedrooms | $2,526 |
| 8 Bedrooms | $2,652 |
U.S. Census Bureau data (2024)
A skeptical investor might question whether the Fair Market Rent (FMR) of $1,440 for ZIP 13647 will cover the mortgage on a home in the area. Based on recent real estate listings, median home prices range from around $295,000 to $549,000. Assuming a 30-year fixed-rate mortgage with an average interest rate of 5%, monthly payments on a $295,000 home would be approximately $1,570, while a $549,000 home would have monthly payments around $2,990. Therefore, the FMR does not fully cover the mortgage payment on higher-priced homes, but it could cover the mortgage on lower-priced homes.
The investor may also doubt if there is sufficient renter demand in ZIP 13647, given that the occupancy rate is at 100%. However, this figure indicates strong demand, meaning there are likely many renters seeking housing. The high occupancy rate suggests that properties are in constant use, which is positive for rental income stability.
Another concern could be whether Housing Choice Vouchers will keep pace with the local market rents. Unfortunately, the provided data does not include specific information regarding voucher amounts or their adjustment rates in ZIP 13647. To accurately assess this, one would need to consult the local Public Housing Agency for the most current voucher guidelines and trends.
In summary, while the FMR can cover mortgages on some homes, especially those priced below the median, it may fall short for pricier properties. High occupancy rates indicate strong renter demand, but the data does not provide enough detail to confidently state that vouchers will keep up with market rents.
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.