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: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $1,720 | $211,516 | 0.81% | C |
U.S. Census Bureau data (2024)
ZIP code 13659, located within the Watertown-Fort Drum, NY MSA, presents a unique profile compared to the typical ZIP codes in this metro area. The Fair Market Rent (FMR) for ZIP 13659 in fiscal year 2024 is set at $1100, which serves as a benchmark for rental costs in the area.
The lack of available market rent data for ZIP 13659 suggests that it might not be a heavily populated or economically active zone within the larger MSA, indicating a potentially quieter, less competitive rental market. This absence of market rent data can also imply that the area is more residential and less influenced by commercial rents, which typically drive up average market rates.
The median home value of $165,174 in ZIP 13659 is notably lower than what is often seen in more urbanized parts of the Watertown-Fort Drum, NY MSA. This figure points towards a more affordable housing market, suitable for first-time homebuyers or those looking for a lower-cost living environment.
The 3.2% renter share in ZIP 13659 is relatively low compared to urban centers where renter shares tend to be higher. However, this percentage can still be significant for landlords and small-portfolio investors, especially given the lower home values and the fixed FMR rate. A low renter share combined with below-average home values could indicate a less desirable location for homeownership, thereby making it a more attractive area for rental properties.
Given the specific figures, ZIP 13659 appears to be a value pocket within the Watertown-Fort Drum, NY MSA. The combination of an FMR rate of $1100 and a median home value of $165,174 suggests that it offers good value for money, particularly for those seeking rental properties. Landlords and small-portfolio investors should consider this ZIP code for its potential to provide stable returns without the need to compete with higher-priced areas.
Note the divergence between the relatively low renter share and the below-metro home values. While this does not definitively signal a Section 8 sweet spot, it does suggest that the area could be more receptive to government-subsidized housing programs, making it a viable option for investors willing to work with such programs.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-07-31). 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.