Location: Wyoming County, NY | Metro: Wyoming County, NY
| Unit Size | Monthly FMR |
|---|---|
| Studio | $800 |
| 1 Bedroom | $860 |
| 2 Bedrooms | $1,030 |
| 3 Bedrooms | $1,290 |
| 4 Bedrooms | $1,540 |
| 5 Bedrooms | $1,786 |
| 6 Bedrooms | $2,000 |
| 7 Bedrooms | $2,160 |
| 8 Bedrooms | $2,268 |
U.S. Census Bureau data (2024)
To determine if you should buy in ZIP code 14039 for Section 8 purposes, follow these steps:
Step 1: The Fair Market Rent (FMR) for the metro area in fiscal year 2026 is set at $1,010. This figure needs to cover your debt service on any property you're considering. Since the property value is listed as N/A, we cannot definitively calculate if the FMR clears the debt service. However, if you know the specific debt service amount, you can compare it directly against the FMR.
Step 2: Next, assess the market rent. Unfortunately, the data provided does not include the current market rent for ZIP 14039. To make an informed decision, you must research the average market rent for similar properties in the area. If the market rent is above $1,010, then it's clear that the FMR is below the market rate. If the market rent is at or below $1,010, the FMR will cover the market rate, making Section 8 tenancy more viable.
Step 3: Evaluate the rental demand. In ZIP 14039, 22.4% of residents are renters. Additionally, the data shows N/A days as the Days on Market (DOM), which indicates the time it takes for a rental listing to be filled. If the DOM is low, it suggests strong demand, even with the limited percentage of renters. Conversely, if the DOM is high, it might indicate weak demand despite the 22.4% rental rate.
If you answer yes to Step 1, meaning the FMR of $1,010 covers your debt service, proceed to Step 2. If the FMR is above the market rent, you can confidently move forward with Step 3. If the market rent is higher than the FMR, consider the potential for vacancy periods and lower occupancy rates.
In Step 3, if the Days on Market is low, say under 30 days, then the 22.4% rental rate is likely sufficient to ensure demand. A low DOM indicates a competitive rental market where properties are filled quickly. If the DOM is over 30 days, it may suggest a less robust rental market, even with the rental rate present.
The final decision will depend on the answers to these questions. If all conditions align favorably, then the answer is yes, you should consider buying in ZIP 14039 for Section 8 investments. If any condition is unfavorable, then it depends on your risk tolerance and other investment factors.
Data Sources: FMR data from HUD (2027). 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.