Location: Wyoming County, NY | Metro: Allegany County, NY
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 | $860 |
| 1 Bedroom | $860 |
| 2 Bedrooms | $1,010 |
| 3 Bedrooms | $1,330 |
| 4 Bedrooms | $1,700 |
| 5 Bedrooms | $1,972 |
| 6 Bedrooms | $2,209 |
| 7 Bedrooms | $2,386 |
| 8 Bedrooms | $2,505 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,010 | $208,856 | 0.48% | F |
| 3BR | $1,330 | $222,568 | 0.6% | F |
| 4BR | $1,700 | $225,581 | 0.75% | D |
U.S. Census Bureau data (2024)
The investment landscape for Section 8 properties in ZIP code 14024 in Bliss, NY, presents several challenges that must be carefully considered. Tenant turnover is a significant concern due to the disparity between the market rent of $747 and the Fair Market Rent (FMR) of $970 for fiscal year 2026, which is based on metro area standards. This gap can lead to higher turnover rates as tenants seek properties that offer them the best value for their money.
Vacancy exposure is another risk factor, particularly because the days on market (DOM) for vacant units is currently unknown. A lack of data here makes it difficult to predict how long a property might remain unoccupied, potentially leading to extended periods without rental income.
Deferred maintenance poses a substantial risk, especially considering the typical home value of $190,782 and the median income of $86,833. The median income suggests that many homeowners might struggle to keep up with necessary repairs and maintenance, which can affect the quality of the rental property over time. This issue can be exacerbated if the landlord is not prepared to invest in regular upkeep to ensure compliance with housing standards.
However, these risks are tempered by the fact that 16.2% of residents are renters. High renter density typically correlates with greater demand for Section 8 vouchers, providing a stable tenant pool and reducing the likelihood of prolonged vacancies. Additionally, the presence of a large number of renters can indicate a robust local rental market, which may help mitigate some of the risks associated with deferred maintenance and tenant turnover.
In conclusion, despite the challenges posed by tenant turnover, vacancy exposure, and deferred maintenance, the high renter density in ZIP 14024 suggests a moderate risk for a first-time Section 8 landlord in Bliss, NY. With careful management and preparation for potential maintenance costs, the opportunity for stable rental income remains viable.
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.