Location: Watertown-Fort Drum, NY | Metro: Watertown-Fort Drum, NY MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,010 |
| 1 Bedroom | $1,110 |
| 2 Bedrooms | $1,450 |
| 3 Bedrooms | $1,990 |
| 4 Bedrooms | $2,370 |
| 5 Bedrooms | $2,749 |
| 6 Bedrooms | $3,079 |
| 7 Bedrooms | $3,325 |
| 8 Bedrooms | $3,491 |
U.S. Census Bureau data (2024)
The ZIP code 13692 is situated in a predominantly suburban area with a small population of 222 residents. Only 7.1% of these residents are renters, indicating a community where homeownership is the norm. The median household income in this area stands at a robust $190,250, suggesting a high socioeconomic status among its inhabitants. However, specific data on median home values is not available, which might imply a limited number of homes or a diverse range of property types.
Moving into the economic analysis of rental properties, the Fair Market Rent (FMR) for ZIP 13692 as of the fiscal year 2024 is set at $1360. This figure represents the government's benchmark for rental affordability under the Section 8 program. Notably, there is no specific market rent data available for comparison, which could be due to the low rental activity in the area. Given the high median income, it is plausible that market rents would exceed the FMR if there were more rental units available.
Considering the characteristics of ZIP 13692, it is unlikely to be an ideal location for a hands-off Section 8 voucher operator. The low percentage of renters suggests limited demand for subsidized housing, making it challenging to fill units consistently. For a hands-on value-add buyer, however, there might be opportunities. With a focus on improving and managing a few rental properties, such an investor could potentially tap into the higher income demographic and command rents above the FMR, although this would require careful consideration of the local rental market dynamics and possibly navigating through a smaller pool of potential tenants.
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.