Location: Genesee County, NY | Metro: Buffalo-Cheektowaga, 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 | $910 |
| 1 Bedroom | $930 |
| 2 Bedrooms | $1,110 |
| 3 Bedrooms | $1,340 |
| 4 Bedrooms | $1,530 |
| 5 Bedrooms | $1,775 |
| 6 Bedrooms | $1,988 |
| 7 Bedrooms | $2,147 |
| 8 Bedrooms | $2,254 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,110 | $252,468 | 0.44% | F |
| 3BR | $1,340 | $326,437 | 0.41% | F |
| 4BR | $1,530 | $383,104 | 0.4% | F |
| 5BR | $1,775 | $434,792 | 0.41% | F |
U.S. Census Bureau data (2024)
The renter's perspective in ZIP code 14001, located in Akron, NY, reveals a tight budget for housing. The median household income stands at $75,107, while the market rate for rent is $766 according to the Census Bureau's American Community Survey (ACS). This means that the average household is already spending nearly 13% of their annual income on rent at market rates, which is a significant portion.
However, the situation becomes more challenging when considering the Fair Market Rent (FMR) set at $1050 for fiscal year 2024. At this rate, the average household would need to allocate over 18% of their income towards rent, stretching their finances considerably. The disparity between the market rate and the FMR highlights an affordability gap that affects both renters and landlords.
Akron has a relatively low rental population at 20.1%, with a total population of 8,937. This indicates that the majority of residents are homeowners, reducing the pool of potential tenants. For landlords, this means competition for renters is high, especially among those who can pay the higher FMR rate. Landlords must weigh the benefits of accepting Section 8 vouchers against the financial realities of lower market rents.
The takeaway for landlords is clear: accepting Section 8 vouchers can provide a steady stream of income and reduce vacancy rates, given the limited number of renters. However, it also requires navigating the administrative complexities of the voucher program. In contrast, relying on cash-paying tenants means competing in a smaller rental market but potentially avoiding the paperwork associated with vouchers. Ultimately, landlords should consider diversifying their tenant mix to balance risk and reward, depending on their tolerance for government oversight and their assessment of local market conditions.
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.