Location: Genesee County, NY | Metro: Rochester, 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 | $1,010 |
| 1 Bedroom | $1,140 |
| 2 Bedrooms | $1,420 |
| 3 Bedrooms | $1,710 |
| 4 Bedrooms | $1,880 |
| 5 Bedrooms | $2,181 |
| 6 Bedrooms | $2,443 |
| 7 Bedrooms | $2,638 |
| 8 Bedrooms | $2,770 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,420 | $152,554 | 0.93% | C |
| 3BR | $1,710 | $209,913 | 0.81% | C |
| 4BR | $1,880 | $229,197 | 0.82% | C |
U.S. Census Bureau data (2024)
12.8% of Elba, NY's residents are renters, indicating a modest demand for rental properties in ZIP 14058. The Fair Market Rent (FMR) for the area, set at $1160 for zip FY 2024, represents the maximum amount that a voucher holder can pay towards their housing costs. This figure is crucial for landlords and small-portfolio investors as it defines the upper limit for rents covered by the Section 8 program. In contrast, the market rent, recorded at $971 according to Census ACS data, suggests that the average rent charged is below the FMR, potentially offering opportunities for landlords to increase their rental incomes while still being within the bounds of the Section 8 program. The median home value in Elba stands at $198,394, which is a significant investment but can be offset by steady rental income from Section 8 tenants. With a median income of $102,750, residents of Elba have the financial capacity to contribute their portion of the rent, typically 30% to 40% of their income, ensuring a stable source of revenue for landlords. However, the lack of available data on days on market (DOM) and the percentage of price-cut share indicates a limited supply of distressed properties, meaning investors should focus on long-term strategies rather than short-term flips. The combination of a slightly higher FMR compared to market rent and the financial stability of the local population makes Elba an attractive location for Section 8 investments.
Section 8 Verdict: Elba, NY is a suitable market for Section 8 investments given the alignment between market rents and FMRs, coupled with the financial stability of its residents.
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.