Location: Cattaraugus County, NY | Metro: Cattaraugus 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 | $800 |
| 1 Bedroom | $860 |
| 2 Bedrooms | $1,100 |
| 3 Bedrooms | $1,380 |
| 4 Bedrooms | $1,560 |
| 5 Bedrooms | $1,810 |
| 6 Bedrooms | $2,027 |
| 7 Bedrooms | $2,189 |
| 8 Bedrooms | $2,298 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,100 | $184,948 | 0.59% | F |
| 3BR | $1,380 | $219,443 | 0.63% | D |
U.S. Census Bureau data (2024)
The investment risk assessment for ZIP 14042 in Delevan, NY, reveals several potential challenges that a first-time Section 8 landlord should be aware of. Tenant turnover is likely to be higher when comparing the market rent of $780 to the Federal Market Rent (FMR) of $1,040 for the fiscal year 2026, which indicates that tenants might struggle to afford higher rents outside of subsidized housing. This can lead to frequent changes in occupancy, increasing administrative costs and time spent on screening and processing new tenants.
Vacancy exposure is another concern, given that the days on market (DOM) is listed as N/A. This suggests a lack of data on how long properties typically remain vacant before being rented, which can be a significant risk factor for landlords who need steady cash flow. Without this information, it's difficult to predict the likelihood of extended periods without rental income.
The deferred-maintenance exposure is also notable. With a typical home value of $184,151 and a median income of $47,431, homeowners in Delevan may find it challenging to keep up with maintenance costs. This could result in higher repair and renovation expenses for landlords, especially if they inherit properties that have been neglected.
However, these risks are offset by the high concentration of renters in the area, with 24.4% of the population being renters. High renter density often translates into a robust demand for rental properties, particularly those that accept Section 8 vouchers. The scarcity of affordable housing options can drive a strong interest in subsidized units, ensuring a steady pool of potential tenants.
Verdict: Moderate risk for a first-time Section 8 landlord.
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.