Location: Buffalo-Cheektowaga, 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 | $1,120 |
| 1 Bedroom | $1,140 |
| 2 Bedrooms | $1,350 |
| 3 Bedrooms | $1,640 |
| 4 Bedrooms | $1,880 |
| 5 Bedrooms | $2,181 |
| 6 Bedrooms | $2,443 |
| 7 Bedrooms | $2,638 |
| 8 Bedrooms | $2,770 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $1,140 | $119,898 | 0.95% | C |
| 2BR | $1,350 | $173,579 | 0.78% | D |
| 3BR | $1,640 | $251,344 | 0.65% | D |
| 4BR | $1,880 | $291,621 | 0.64% | D |
| 5BR | $2,181 | $349,429 | 0.62% | D |
U.S. Census Bureau data (2024)
ZIP code 14006, located in Angola, NY, falls within the broader Buffalo-Cheektowaga, NY MSA. To analyze its position relative to other ZIP codes in the same metro area, we must consider several key metrics: Fair Market Rent (FMR), market rent, home values, and the percentage of renters.
The FMR for ZIP 14006 is set at $1190 for fiscal year 2024. This figure represents the maximum amount that can be charged for a Section 8 voucher in the area. In comparison, the actual market rent in 14006 is lower at $950, indicating that rental properties here are priced below the FMR threshold. This suggests that landlords in this ZIP code can still attract tenants while potentially benefiting from the higher FMR cap.
The median home value in 14006 stands at $218,995, which is likely below the average home value for the entire Buffalo-Cheektowaga, NY MSA. This makes it a more affordable option for both homeowners and renters, positioning it as a value pocket within the larger metro area. The relatively low home value can also make it attractive for first-time buyers or those looking for less expensive housing options.
The renter share in 14006 is 9.9%, which is notably lower than what might be considered typical for urban areas within the Buffalo-Cheektowaga MSA. However, this lower-than-average renter share does not necessarily mean it is a poor location for rental investment. Given the below-metro home values and the FMR being higher than the market rent, this ZIP code could still present opportunities for landlords who want to serve the limited number of renters willing to pay up to the FMR.
To conclude, ZIP 14006 appears to be a value pocket within the Buffalo-Cheektowaga, NY MSA. Its lower home values and slightly below-average market rents contrast with a higher FMR, creating a scenario where landlords can charge more than the market rate without exceeding the voucher limit. The relatively low renter share suggests a smaller but still viable market for rental properties, especially those that cater to the needs of low-income families eligible for Section 8 assistance.
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.