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 | $1,180 |
| 1 Bedroom | $1,210 |
| 2 Bedrooms | $1,430 |
| 3 Bedrooms | $1,740 |
| 4 Bedrooms | $1,990 |
| 5 Bedrooms | $2,308 |
| 6 Bedrooms | $2,585 |
| 7 Bedrooms | $2,792 |
| 8 Bedrooms | $2,932 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,430 | $248,778 | 0.57% | F |
| 3BR | $1,740 | $269,287 | 0.65% | D |
| 4BR | $1,990 | $311,279 | 0.64% | D |
| 5BR | $2,308 | $320,308 | 0.72% | D |
U.S. Census Bureau data (2024)
ZIP code 14043, located in Depew, NY, falls within the larger Buffalo-Cheektowaga, NY MSA metro area. The Fair Market Rent (FMR) for ZIP 14043 in fiscal year 2024 is set at $1210. This figure is lower than the average market rent of $1457 for the same ZIP code, indicating that it is slightly below the market rate. The median home value in ZIP 14043 stands at $260,973, which is also below the typical home values seen in other ZIP codes within the Buffalo-Cheektowaga, NY MSA.
The renter share in ZIP 14043 is 27.9%, which is higher than the average renter share for the entire MSA. This combination of below-average home values and a higher-than-average renter share suggests that ZIP 14043 could be considered a value pocket for landlords and small-portfolio investors interested in properties eligible for Section 8 housing assistance programs. Value pockets typically offer opportunities where the cost of acquiring rental properties is relatively low compared to the rest of the metro area, while still maintaining a significant proportion of renters who might benefit from government subsidies.
In contrast to premium sub-markets, which usually have higher home values and rents, ZIP 14043 exhibits characteristics that align more closely with a mid-tier neighborhood. However, due to the high renter share and lower home values, it presents a unique opportunity for investors looking to capitalize on the Section 8 program. The discrepancy between the FMR and the market rent further supports this conclusion, as it implies that there is room for landlords to receive subsidized rents without fully covering the market rate, thus potentially reducing financial risk.
To summarize, ZIP 14043 is positioned as a value pocket within the Buffalo-Cheektowaga, NY MSA, offering attractive opportunities for those involved in Section 8 housing investments. The specific figures indicate a lower cost of entry and a higher likelihood of finding tenants who qualify for rental assistance, making it an appealing choice for certain types of investment strategies.
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.