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 | $1,420 |
| 1 Bedroom | $1,450 |
| 2 Bedrooms | $1,710 |
| 3 Bedrooms | $2,080 |
| 4 Bedrooms | $2,380 |
| 5 Bedrooms | $2,761 |
| 6 Bedrooms | $3,092 |
| 7 Bedrooms | $3,339 |
| 8 Bedrooms | $3,506 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,710 | $356,498 | 0.48% | F |
| 3BR | $2,080 | $403,664 | 0.52% | F |
| 4BR | $2,380 | $519,291 | 0.46% | F |
| 5BR | $2,761 | $612,178 | 0.45% | F |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 14059, which includes Elma, NY, is set at $1,520 for fiscal year 2024. This figure represents the payment standard for Section 8 housing vouchers, meaning the government will pay up to this amount to cover a tenant's rent. It is important to note that this is not the actual rent you would charge your tenants; it is the maximum subsidy payment allowed.
In comparison, the average rent in the area, based on recent Census American Community Survey (ACS) data, is $1,160. This indicates that the FMR is higher than the typical market rate, providing a potential buffer for landlords who might be concerned about covering their costs.
The 12.5% renter share suggests that a significant portion of the population in Elma, NY, relies on renting as their primary form of housing. This can translate into a steady demand for rental properties, especially those that qualify for Section 8 assistance. Given the FMR, landlords can expect a reasonable number of qualified applicants seeking housing within their budget.
If you're considering purchasing a property to use as a Section 8 rental, the median home value of $415,114 gives you an idea of the acquisition cost. This figure reflects the typical price point for homes in the area, helping you to gauge whether the investment aligns with your financial goals.
Before proceeding with a Section 8 rental in ZIP 14059, ensure that your property meets the Housing Quality Standards (HQS). These standards are set by the U.S. Department of Housing and Urban Development (HUD) and must be met for your property to be eligible for the program. The HQS inspection will verify that your home is safe, decent, and sanitary, ensuring compliance with HUD requirements.
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.