Location: Buffalo-Cheektowaga, NY | Metro: Buffalo-Cheektowaga, NY MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $980 |
| 1 Bedroom | $1,010 |
| 2 Bedrooms | $1,220 |
| 3 Bedrooms | $1,510 |
| 4 Bedrooms | $1,690 |
| 5 Bedrooms | $1,960 |
| 6 Bedrooms | $2,195 |
| 7 Bedrooms | $2,371 |
| 8 Bedrooms | $2,490 |
U.S. Census Bureau data (2024)
The economics of Section 8 housing in ZIP code 14061 are defined by the SAFMR (Small Area Fair Market Rent) for a two-bedroom apartment, which is set at $1430 for fiscal year 2024. This SAFMR is specifically tailored to this ZIP code, reflecting the unique cost of living and rental market conditions found here.
Section 8 vouchers provide financial assistance to low-income tenants to help cover their rent. The voucher payment to landlords consists of the difference between the SAFMR and the tenant's portion of the rent, which is typically 30% of their adjusted income. For instance, if a tenant's adjusted income is $1000 per month, their portion would be $300 (30% of $1000), leaving the landlord to be reimbursed $1130 ($1430 - $300) from the voucher program.
In addition to the base rent, there are utility allowances. These allowances vary but generally cover a portion of the tenant's electricity, gas, water, and sewer costs. As of FY 2024, the standard utility allowance for a two-bedroom unit in ZIP 14061 is $350. This amount is also paid directly to the landlord by the voucher program, bringing the total reimbursement to $1480 ($1130 base rent + $350 utilities).
Note that the local market rent for ZIP 14061 is currently unavailable, which means it's unclear whether the SAFMR aligns with the average rent prices in the area. However, the SAFMR serves as the benchmark for determining the maximum allowable rent under the voucher program.
To illustrate the reimbursement gap or surplus, let's assume a landlord charges $1600 for a two-bedroom apartment. Given the SAFMR of $1430, the landlord would only receive up to $1480 from the voucher program, including the utility allowance. This leaves a shortfall of $120 per month for the landlord. Conversely, if the landlord sets the rent at $1300, they would have a surplus of $180 per month, assuming the tenant's portion remains at $300.
Landlords should carefully consider these factors when deciding on rental pricing for Section 8 units. While the SAFMR provides a cap, the actual reimbursement can vary based on the tenant's income and utility usage. It's crucial to understand that the SAFMR is designed to ensure affordability for tenants while providing fair compensation to landlords, though it may not always fully cover the market rent.
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.