Location: Lewis County, 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 | $196,143 | 0.88% | C |
U.S. Census Bureau data (2024)
ZIP 13665, located in Lewis County, NY metro, serves as a solid cash-flow anchor within a Section 8 portfolio strategy. The Fair Market Rent (FMR) for a one-bedroom unit in ZIP 13665 for fiscal year 2024 is set at $1100. This figure is crucial as it aligns closely with the rental assistance payments provided under the Section 8 program.
The median home value in ZIP 13665 is $159,383, indicating that property values are relatively stable and affordable. However, the lack of available market rent data makes it challenging to calculate the exact spread between the FMR and market rents. Nonetheless, given the low median home value, it's reasonable to assume that market rents are likely below or at the FMR level, which benefits landlords participating in the Section 8 program.
The primary defense for considering ZIP 13665 as a cash-flow anchor lies in the predictability and reliability of rental income. With the FMR providing a guaranteed minimum rent, landlords can count on steady cash flow without the volatility often associated with market rents. This predictability is especially valuable in areas where the local economy might not be booming, but still provides a secure investment opportunity.
Additionally, the 13.3% renter share suggests a moderate demand for rentals, which is supportive of maintaining occupancy rates. While the median income of $51,250 may seem modest, it aligns well with the financial support offered through Section 8, ensuring that tenants can afford their portion of the rent.
In summary, ZIP 13665 is best suited as a cash-flow anchor in a Section 8 portfolio strategy due to the reliable rental income provided by the FMR and the affordable nature of properties in the area. This combination offers landlords a stable investment with predictable returns, making it an attractive option for those looking to diversify their real estate holdings with a focus on consistent cash flow.
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.