Location: Cayuga County, NY | Metro: Ithaca, 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 | $1,200 |
| 1 Bedroom | $1,410 |
| 2 Bedrooms | $1,690 |
| 3 Bedrooms | $2,020 |
| 4 Bedrooms | $2,600 |
| 5 Bedrooms | $3,016 |
| 6 Bedrooms | $3,378 |
| 7 Bedrooms | $3,648 |
| 8 Bedrooms | $3,830 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,690 | $323,964 | 0.52% | F |
| 3BR | $2,020 | $351,032 | 0.58% | F |
| 4BR | $2,600 | $471,866 | 0.55% | F |
U.S. Census Bureau data (2024)
ZIP 14882, located in Lansing, NY within the Cayuga County, NY metro area, presents a unique opportunity for inclusion in a Section 8 portfolio strategy. This ZIP code serves primarily as a cash-flow anchor due to the significant spread between the Fair Market Rent (FMR) and the actual market rental rates.
The FMR for ZIP 14882 in fiscal year 2024 is set at $2060, which represents the maximum amount that a Section 8 tenant can pay towards their housing costs. In contrast, the current market rental rate stands at $982. This discrepancy means that landlords participating in the Section 8 program can expect to receive a higher rent payment than what is typically commanded in the local market, thus providing a stable and above-average cash flow. The median home value in the area is $357,911, indicating that homeownership is relatively expensive compared to renting, further supporting the attractiveness of rental properties for Section 8 tenants.
While the appreciation potential is limited, with no specific percentage given for price-cut shares and days on the market (DOM), the primary focus for investors should be on the cash flow stability rather than rapid property value growth. The diversifier aspect is also present, with a 25.5% renter share, suggesting a moderate demand for rental properties. Additionally, the median income of $91,960 indicates a steady economic base that supports the viability of the Section 8 program in the area.
In conclusion, ZIP 14882 is best suited as a cash-flow anchor within a Section 8 portfolio strategy. The substantial difference between the FMR and the market rental rate ensures that landlords will receive a reliable and above-market income stream from Section 8 tenants, making it an attractive option for those seeking financial stability in their investment properties.
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.