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 | $1,010 |
| 1 Bedroom | $1,030 |
| 2 Bedrooms | $1,210 |
| 3 Bedrooms | $1,480 |
| 4 Bedrooms | $1,690 |
| 5 Bedrooms | $1,960 |
| 6 Bedrooms | $2,195 |
| 7 Bedrooms | $2,371 |
| 8 Bedrooms | $2,490 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,210 | $224,959 | 0.54% | F |
| 3BR | $1,480 | $302,629 | 0.49% | F |
| 4BR | $1,690 | $304,176 | 0.56% | F |
U.S. Census Bureau data (2024)
The market in ZIP 14028, Burt, NY, is characterized by a notable gap between the Fair Market Rent (FMR) and the actual market rent, indicating that the local rental market is robust. The FMR for the area is set at $1,160 for fiscal year 2024, whereas the Census American Community Survey (ACS) reports the average market rent at $1,688. This suggests that the demand for rental properties exceeds the supply, driving rents higher than the government-set benchmark.
The median home value in Burt, NY, stands at $260,050, which places it within a range that could attract both first-time homebuyers and investors looking for affordable entry points. However, the lack of specific data on price-cut shares and days on market (DOM) makes it challenging to pinpoint the exact dynamics of the sales market. Nonetheless, the fact that the market rent significantly surpasses the FMR implies a strong preference for renting over buying among residents, which can be a sign of economic conditions that favor renters or a transient population.
A key indicator of long-term housing pressure is the percentage of renters in the community. In Burt, NY, the renter share is 6.4%, which is relatively low compared to many urban areas. This low percentage suggests that homeownership is the preferred option for most residents, potentially due to the availability of affordable homes or a stable, long-term resident base. Despite this, the significant disparity between FMR and market rent indicates a persistent pressure on the rental market, likely driven by limited inventory and high demand.
The dynamics of ZIP 14028 reveal a market where rental demand is strong, possibly due to the attractiveness of the area for those seeking affordable living options. For landlords and small-portfolio investors, this means that maintaining well-managed rental properties could be lucrative, given the current rental environment. However, the potential for increasing homeownership rates should also be considered, as it might influence future rental trends.
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.