Location: St. Lawrence County, NY | Metro: St. Lawrence County, NY
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 | $980 |
| 1 Bedroom | $1,080 |
| 2 Bedrooms | $1,410 |
| 3 Bedrooms | $1,690 |
| 4 Bedrooms | $1,850 |
| 5 Bedrooms | $2,146 |
| 6 Bedrooms | $2,404 |
| 7 Bedrooms | $2,596 |
| 8 Bedrooms | $2,726 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,410 | $156,697 | 0.9% | C |
| 3BR | $1,690 | $211,138 | 0.8% | C |
| 4BR | $1,850 | $228,698 | 0.81% | C |
U.S. Census Bureau data (2024)
In evaluating the viability of investing in ZIP code 13694, Waddington, NY, under the Section 8 program, several key concerns arise that must be addressed using available data.
Objection 1: Will Fair Market Rent (FMR) of $1,430 (for the fiscal year 2026) cover the mortgage on a $177,201 home?
The FMR in ZIP 13694 is set at $1,430 for the fiscal year 2026. This figure represents the maximum amount that the Housing Choice Voucher Program will pay for rental housing. To determine if this covers the mortgage on a home priced at $177,201, we need to consider the typical interest rates and loan terms. Assuming a 30-year fixed-rate mortgage with an average interest rate of around 5%, the monthly mortgage payment for a home priced at $177,201 would be approximately $970. Therefore, the FMR of $1,430 would indeed cover the mortgage payment, leaving a buffer of $460 per month. However, it's important to note that additional costs such as property taxes, insurance, and maintenance should also be factored into the total expenses.
Objection 2: Is there enough renter demand at 18.3%?
The percentage of renter-occupied households in ZIP 13694 stands at 18.3%. While this figure might seem low compared to urban areas, it's crucial to understand the local context. Rural areas typically have lower renter demand due to different living preferences and economic conditions. Despite this, the demand for affordable housing remains steady, as evidenced by the continued participation in the Section 8 program. The data does not provide a comprehensive view of the entire rental market, so further investigation into local rental trends and vacancy rates would be necessary to fully assess the demand.
Objection 3: Will vouchers keep pace with $850 market rents?
The current market rent for a two-bedroom apartment in ZIP 13694 is approximately $850. Given that the FMR is set higher at $1,430, landlords participating in the Section 8 program can expect to receive a payment closer to the FMR rather than the market rent. This means that even if market rents remain at $850, the voucher payment will likely exceed this amount, providing a financial cushion. However, the long-term stability of voucher payments relative to market rents depends on federal funding levels and adjustments made by the Department of Housing and Urban Development (HUD).
To summarize, while the data provides insights into the financial aspects of investing in ZIP 13694 under the Section 8 program, some questions remain unanswered. It's advisable to conduct a thorough analysis of local rental market dynamics and to stay informed about any changes in federal funding policies that could affect voucher amounts.
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.