Location: Buffalo-Cheektowaga, NY | Metro: Buffalo-Cheektowaga, NY MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,100 |
| 1 Bedroom | $1,120 |
| 2 Bedrooms | $1,330 |
| 3 Bedrooms | $1,620 |
| 4 Bedrooms | $1,850 |
| 5 Bedrooms | $2,146 |
| 6 Bedrooms | $2,404 |
| 7 Bedrooms | $2,596 |
| 8 Bedrooms | $2,726 |
U.S. Census Bureau data (2024)
Lewiston, NY, located in ZIP code 14092, stands out in Niagara County with its unique mix of economic characteristics. The area has a population of 10,247 residents, with 27.8% living in rental properties. The median household income is $72,218, reflecting a relatively affluent community. However, the median home value at $339,125 indicates that homeownership is still a significant expense.
The disparity between the Fair Market Rent (FMR) and the actual market rent in Lewiston is notable. For fiscal year 2024, the FMR for a Section 8 voucher in ZIP 14092 is set at $1220, while the Census American Community Survey (ACS) reports the average market rent at $977. This means that landlords participating in the Section 8 program can potentially charge higher rents compared to the local market rate, providing an incentive for landlords to accept vouchers.
Landlords and small-portfolio investors should be aware that the data signature for ZIP 14092 reads as stable. The population size, percentage of renters, and median income suggest a consistent economic environment, which supports steady demand for rental housing. Additionally, the higher FMR relative to the market rent indicates a reliable source of income for those willing to participate in the Section 8 program.
To summarize, Lewiston's distinct economic profile, characterized by a slightly above-average percentage of renters and a robust median income, coupled with favorable Section 8 voucher economics, presents a stable investment opportunity for landlords and small-portfolio investors. The higher FMR allows for better financial returns when compared to the local market rates, making it a viable option for those looking to enter or expand their presence in the rental market within this ZIP code.
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.