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 | $266,615 | 0.48% | F |
| 3BR | $1,720 | $311,947 | 0.55% | F |
U.S. Census Bureau data (2024)
The analysis of ZIP code 13693, located in Three Mile Bay, NY, within the Watertown-Fort Drum, NY MSA metro area, reveals several key points regarding its viability for Section 8 real-estate investments.
First, let's examine if the rent math works. The Fair Market Rent (FMR) for ZIP 13693 in fiscal year 2024 is set at $1140. However, the lack of available data on market rents makes it challenging to directly compare these figures. Without a baseline for market rents, it's difficult to assess whether the FMR is above or below what tenants might expect to pay in the local rental market.
Second, the acquisition cost appears reasonable. With a median home value of $250,076, the area offers a relatively affordable entry point for investors looking to acquire properties. Although the Days on Market (DOM) and the percentage of homes that were sold with a price cut are not provided, the median home value suggests that purchasing homes here could be financially feasible for those interested in Section 8 properties.
Third, we need to consider tenant demand. The population of ZIP 13693 is 423, and only 2.7% of residents are renters. This indicates a low demand for rental properties, which could pose challenges in finding enough qualified Section 8 tenants to fill vacancies. Given the small number of potential renters, landlords should be prepared for competition and possibly longer vacancy periods.
In conclusion, while the median home value in ZIP 13693 presents an affordable opportunity for property acquisition, the low renter share and limited population size suggest that securing a steady stream of qualified Section 8 tenants will be difficult. The absence of market rent data complicates the assessment of whether the FMR of $1140 aligns well with what tenants are willing to pay. Therefore, prospective investors must carefully weigh these factors before committing to Section 8 investments in this ZIP code.
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.