Location: Ithaca, NY | Metro: Ithaca, NY MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,150 |
| 1 Bedroom | $1,350 |
| 2 Bedrooms | $1,650 |
| 3 Bedrooms | $1,990 |
| 4 Bedrooms | $2,460 |
| 5 Bedrooms | $2,854 |
| 6 Bedrooms | $3,196 |
| 7 Bedrooms | $3,452 |
| 8 Bedrooms | $3,625 |
U.S. Census Bureau data (2024)
The analysis of ZIP code 14854 within the Ithaca, NY MSA reveals several key points that landlords and small-portfolio investors should consider.
Firstly, regarding the rent math, the Fair Market Rent (FMR) for the area is set at $1530 for the fiscal year 2024. However, due to the lack of available market rent data, it's impossible to directly compare FMR against current market rates. This absence suggests either limited rental activity or insufficient data to establish a reliable benchmark.
Secondly, the acquisition affordability is unclear given the missing data on median home values, days on market (DOM), and the percentage of homes needing price cuts. Without these figures, assessing the cost-effectiveness of purchasing properties in this ZIP code cannot be done accurately.
Lastly, tenant demand appears low based on the provided data. The ZIP code has a population of only 76, with a 0.0% renter share, indicating that nearly all residents are homeowners. This makes it highly unlikely that there will be significant demand for rental properties in this area.
Verdict: ZIP 14854 presents challenges for potential rental investments due to the small population size and zero renter share, suggesting minimal tenant demand. Additionally, the lack of market rent and acquisition cost data hinders a comprehensive financial assessment. Given these factors, the area does not currently appear to offer a viable opportunity for landlords or small-portfolio investors seeking to capitalize on rental income.
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.