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 | $1,110 |
| 1 Bedroom | $1,130 |
| 2 Bedrooms | $1,340 |
| 3 Bedrooms | $1,630 |
| 4 Bedrooms | $1,860 |
| 5 Bedrooms | $2,158 |
| 6 Bedrooms | $2,417 |
| 7 Bedrooms | $2,610 |
| 8 Bedrooms | $2,741 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,340 | $311,590 | 0.43% | F |
| 3BR | $1,630 | $405,894 | 0.4% | F |
| 4BR | $1,860 | $471,639 | 0.39% | F |
U.S. Census Bureau data (2024)
The economics of Section 8 housing in ZIP code 14033, Colden, NY, within Erie County, revolve around the SAFMR (Small Area Fair Market Rent) for a two-bedroom apartment, which is set at $1360 for fiscal year 2024. This SAFMR is specifically tailored for this ZIP code, ensuring it reflects local rental market conditions accurately.
However, the local market rent for a two-bedroom unit in ZIP 14033 is reported to be $970 according to Census ACS data. This discrepancy between the SAFMR and the actual market rent can affect a landlord's decision to participate in the program.
A Section 8 voucher works by covering the difference between 30% of the tenant’s income and the SAFMR, up to the maximum limit. For instance, if a tenant's monthly income is $2000, they would contribute 30% of their income, which amounts to $600 towards rent. The remaining amount, up to the SAFMR of $1360, would be covered by the voucher program. In this case, the voucher would pay out $760 to cover the rent.
Additionally, there are utility allowances to consider. These allowances vary but typically cover a significant portion of heating and electricity costs. For ZIP 14033, these allowances can range from $200 to $300 per month, depending on the season and the household size.
To illustrate, let's assume an average utility allowance of $250. If the total rent and utilities come to $1200, the voucher would cover the additional $540 needed to reach the SAFMR, making the total reimbursement $1210 ($760 for rent and $450 for utilities).
In ZIP 14033, where the market rent is lower than the SAFMR, landlords participating in the Section 8 program will generally see a surplus rather than a shortfall. With a market rent of $970 and the voucher paying up to $1360, landlords could receive a reimbursement that exceeds the local market rate by approximately $390 per month for a two-bedroom unit.
This surplus allows landlords to potentially earn more than they would from a non-voucher tenant. However, it's important to note that the tenant's portion remains consistent, based on their income, and the voucher only covers the difference up to the SAFMR. Therefore, while the reimbursement rate might exceed the market rent, the landlord must still ensure the property meets the quality standards required by the program.
In summary, landlords in ZIP 14033 who accept Section 8 vouchers for a two-bedroom apartment can expect a reimbursement that typically results in a surplus of about $390 per month over the local market rent of $970.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-07-31). 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.