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Cortland County/Cincinnatus/13040

13040

ZIPSAFMR
Cortland County, NY
Zillow

ZIP Investment Score

96Above average

095130300
BRFMR
Eff. Rent
0 BR$860$860
1 BR$870$870
2 BR$1,080$1,080
3 BR$1,360$1,360
4 BR$1,810$1,810
5 BR$2,082Not available
6 BR$2,394Not available
7 BR$2,753Not available
8 BR$3,166Not available

Purchase Price Calculator

Maximum purchase price
$98,571

Cost breakdown

+Likely effective rent$1,080
HUD FMRUsed$1,080
Market rentN/A
Est. payment standardN/A
-Principal and interest-$498
Loan amount$78,857
Down payment$19,714
Rate6.50%
Term30 years
-Operating costs-$382
Property taxes-$99
Insurance-$175
Utilities$0
HOA$0
Management-$108
=Target cash flow+$200
Calculation mode

Hold period projections

Annual appreciation rate
3-year hold
+$17,604(89.3% ROI)
Projected value
$106,150
Return breakdown
Property appreciation+$7,579
Loan principal paid down+$2,825
Rental cash flow+$7,200
5-year hold
+$29,991(152.1% ROI)
Projected value
$111,524
Return breakdown
Property appreciation+$12,953
Loan principal paid down+$5,038
Rental cash flow+$12,000
10-year hold
+$63,613(322.7% ROI)
Projected value
$126,179
Return breakdown
Property appreciation+$27,608
Loan principal paid down+$12,005
Rental cash flow+$24,000

Public Housing Authority

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Rolodex

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Market Alignment

Not enough rental comps in this area to determine how FMR aligns with current market rates.

Historical
FY 2023-2027
FMR
FY2027
Property value
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Tax rate
--
Mortgage rate
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ZIP 13040 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 13040 (Cincinnatus, NY) is $1,080 a month. That is up 0.9% from $1,070 in FY 2026. Cincinnatus is in the Cortland County, NY non-metropolitan FMR area. HUD also publishes the ZIP-level Small Area FMRs shown here, but unless the local housing authority has adopted them, vouchers are based on the county-wide two-bedroom FMR of $1,171. Among 18 ZIP codes in Cortland County, 13040 has the 18th-highest two-bedroom rent (county range $1,080–$1,580). The median county two-bedroom FMR in New York is $1,385, so ZIP 13040 is 22% below it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 13040
BedroomsFY 2027Change90–110% range
Studio$8600.0%$774–$946
1BR$870+1.2%$783–$957
2BR$1,080+0.9%$972–$1,188
3BR$1,3600.0%$1,224–$1,496
4BR$1,810+1.1%$1,629–$1,991

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 13040
Fiscal yearStudio1BR2BR3BR4BR
FY 2027$860$870$1,080$1,360$1,810
FY 2026$860$860$1,070$1,360$1,790
FY 2025$820$830$1,020$1,280$1,710
FY 2024area FMR$800$805$992$1,215$1,683
FY 2023area FMR$775$780$947$1,153$1,613

Marked years use a different HUD benchmark than FY 2027, so they are not a like-for-like change.

Two-bedroom rent in nearby Cortland County ZIP codes

FY 2027 two-bedroom Small Area FMR by ZIP code
ZIP code2 bedroomvs. 13040
13040Current$1,080—
13045$1,580+46.3%
13052$1,260+16.7%
13053$1,580+46.3%
13073$1,580+46.3%
13077$1,400+29.6%
13087$1,380+27.8%
13101$1,160+7.4%
13141$1,320+22.2%
13158$1,260+16.7%
13159$1,580+46.3%
13738$1,160+7.4%

Questions about ZIP 13040 rents

How much will Section 8 pay for a two-bedroom in ZIP 13040?

Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With the county-wide two-bedroom FMR of $1,171, which applies unless the housing authority uses Small Area FMRs, that basic range is $1,054 to $1,288 a month; under the ZIP-level Small Area FMR of $1,080 it would be $972 to $1,188. The voucher pays the lower of the payment standard or the gross rent, minus the tenant's share, which is usually about 30% of adjusted monthly income. Confirm the local housing authority's current schedule before underwriting.

Which HUD fair market rent area is ZIP 13040 in?

ZIP 13040 is in the Cortland County, NY non-metropolitan FMR area. Small Area FMRs are optional here; the county-wide two-bedroom FMR is $1,171.

How much did fair market rent change in ZIP 13040 for FY 2027?

The two-bedroom FMR rose 0.9%, from $1,070 in FY 2026 to $1,080 in FY 2027. Since FY 2025 it has risen 5.9%.

When do FY 2027 fair market rents take effect?

HUD's FY 2027 fair market rents took effect on October 1, 2026. When FMRs change, housing authorities generally have up to three months to bring payment standards back within 90% to 110% of the new FMR.

Source: HUD FY 2027 Small Area Fair Market Rents and area FMRs. Payment-standard ranges are 90% to 110% of FMR, HUD's basic range, not a housing authority's published schedule. How payment standards are set

County fair market rentCincinnatus, NY fair market rentNY statewide rentsWhat is SAFMR?Data sources