Location: Buffalo-Cheektowaga, NY | Metro: Buffalo-Cheektowaga, NY MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,210 |
| 1 Bedroom | $1,230 |
| 2 Bedrooms | $1,460 |
| 3 Bedrooms | $1,780 |
| 4 Bedrooms | $2,030 |
| 5 Bedrooms | $2,355 |
| 6 Bedrooms | $2,638 |
| 7 Bedrooms | $2,849 |
| 8 Bedrooms | $2,991 |
The ZIP code 14038, located in New York, presents a unique challenge for renters due to limited data on median income and market rate rents. The lack of specific figures makes it difficult to determine how affordable the average rental unit is for the typical household. However, comparing the available data with the federal payment standard for housing vouchers, which is set at $1190 for fiscal year 2024, provides some insight into the local rental market.
The voucher payment standard of $1190 suggests that the government deems this amount sufficient for renting a modest but decent quality dwelling in the area. Given the absence of precise market rate data, landlords should consider this figure as a benchmark for setting their own rental rates, especially if they wish to attract tenants who rely on housing vouchers.
With an unknown percentage of renters and an unspecified population size, the exact impact of the affordability gap on landlord competition remains unclear. However, it is reasonable to infer that if the market rate rents exceed the voucher payment standard significantly, there could be increased competition among landlords for tenants who are willing and able to pay more out-of-pocket. This scenario would likely favor landlords who offer competitive pricing and maintain high-quality properties.
Takeaway for Landlords: In ZIP 14038, landlords must carefully balance their rental rates against the voucher payment standard to remain competitive. Offering units at or slightly above $1190 could attract both voucher recipients and those paying cash, maximizing occupancy and stability. Landlords should also be prepared to adjust their strategies based on any emerging trends in the local rental market.
Data Sources: FMR data from HUD (2027).
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.