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 | $285,547 | 0.44% | F |
| 3BR | $1,720 | $306,563 | 0.56% | F |
| 4BR | $2,110 | $337,216 | 0.63% | D |
U.S. Census Bureau data (2024)
ZIP code 13650, located in Henderson, NY, within the Watertown-Fort Drum, NY MSA, presents an interesting profile when compared against typical ZIP codes within the same metro area. The Fair Market Rent (FMR) for ZIP 13650 in fiscal year 2024 is set at $1100, which is higher than the average market rent of $953. This suggests that while the FMR aims to provide a benchmark for affordable housing, it exceeds the actual rental costs in the area.
The median home value in ZIP 13650 is listed at $260,353. This figure aligns closely with the broader market trends within the Watertown-Fort Drum MSA, indicating that ZIP 13650 is neither significantly overvalued nor undervalued compared to its peers. However, the 13.7% renter share in this ZIP code is noteworthy. In many cases, a higher renter share can be indicative of a greater presence of renters who rely on government assistance, such as Section 8 vouchers, to cover their housing costs.
Given the specific figures, ZIP 13650 appears to be a mid-tier neighborhood within the Watertown-Fort Drum MSA. The FMR being above the market rent suggests some potential for landlords to receive higher subsidies through the Section 8 program, making it a favorable location for those seeking to participate in the program. The median home value also supports this positioning as it is consistent with the general trend in the region, implying that property owners here are neither in a particularly high-value nor low-value segment of the market.
However, the divergence between the relatively high renter share and the below-average home values compared to other ZIP codes with similar characteristics might signal a potential value pocket for Section 8 participants. Landlords could benefit from the higher subsidy rates while providing housing options to a significant portion of the population reliant on rental assistance programs.
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.