Location: Cattaraugus County, 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 | $790 |
| 1 Bedroom | $830 |
| 2 Bedrooms | $1,010 |
| 3 Bedrooms | $1,250 |
| 4 Bedrooms | $1,430 |
| 5 Bedrooms | $1,659 |
| 6 Bedrooms | $1,858 |
| 7 Bedrooms | $2,007 |
| 8 Bedrooms | $2,107 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,010 | $143,007 | 0.71% | D |
| 3BR | $1,250 | $168,585 | 0.74% | D |
| 4BR | $1,430 | $190,783 | 0.75% | D |
U.S. Census Bureau data (2024)
ZIP code 14070, located in Gowanda, NY, within the Cattaraugus County, NY metro area, exhibits several characteristics that position it distinctly among other ZIP codes in the county. The Fair Market Rent (FMR) for ZIP 14070 in fiscal year 2024 is set at $970, which is notably higher than the average market rent of $771. This discrepancy suggests that properties in ZIP 14070 are more expensive when considering government-subsidized rental rates.
The median home value in ZIP 14070 stands at $155,863, which is lower than the typical home values in Cattaraugus County. This indicates that the area is more affordable for homeownership compared to the broader county average. However, the relatively low home values do not necessarily translate into lower rental costs, as evidenced by the higher FMR.
A key indicator for potential investment opportunities in the context of Section 8 is the renter share, which for ZIP 14070 is 18.8%. This percentage is significant but does not necessarily suggest a high concentration of renters compared to other ZIP codes in the county. To determine if ZIP 14070 represents a value pocket, a mid-tier neighborhood, or a premium sub-market within the Cattaraugus County metro, we must consider the interplay between these figures.
The combination of a below-average home value and a higher-than-average FMR, along with a substantial renter share, points towards ZIP 14070 being a value pocket for landlords participating in the Section 8 program. This is because the area offers relatively affordable property acquisition costs while still commanding higher rental subsidies, potentially leading to better returns on investment for those willing to navigate the complexities of the program.
To further substantiate this inference, a deeper analysis of comparable ZIP codes within Cattaraugus County would be necessary. However, based on the provided figures, ZIP 14070 presents itself as an attractive option for landlords interested in Section 8, particularly due to the favorable balance between property costs and rental income potential.
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.