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 | $940 |
| 1 Bedroom | $960 |
| 2 Bedrooms | $1,130 |
| 3 Bedrooms | $1,380 |
| 4 Bedrooms | $1,570 |
| 5 Bedrooms | $1,821 |
| 6 Bedrooms | $2,040 |
| 7 Bedrooms | $2,203 |
| 8 Bedrooms | $2,313 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,130 | $204,738 | 0.55% | F |
| 3BR | $1,380 | $255,340 | 0.54% | F |
| 4BR | $1,570 | $277,994 | 0.56% | F |
U.S. Census Bureau data (2024)
The ZIP code 14108, located in Newfane, NY, presents a dynamic housing market that is indicative of current economic trends and potential future pressures. The Fair Market Rent (FMR) for the area, set at $1000 for the fiscal year 2024, reflects the government's assessment of rental values necessary to cover the costs of decent-quality housing. However, the actual market rent, as reported by the Census Bureau's American Community Survey (ACS), stands at $860. This discrepancy suggests that the market rent is below the FMR, indicating a possible surplus of rental units or a lack of upward pressure on rents.
The median home value in ZIP 14108 is $234,290, which is a key indicator of the overall cost of homeownership in the area. While the specific percentage of price-cut share and days on market (DOM) are not available, the lower market rent compared to the FMR can imply that there is an ample supply of rental properties relative to demand. This situation might be due to factors such as limited population growth or high competition among landlords.
A notable statistic is the 17.3% renter share in the area. This figure tells us that a significant portion of the residents are renters rather than homeowners, which can put sustained pressure on the rental market over the long term. In areas with a higher renter share, there tends to be a greater need for affordable housing options, as renters often represent individuals or families who cannot afford to purchase homes at the current median value. This dynamic can lead to a persistent demand for rental properties, even if it doesn't currently manifest in high rental prices.
The presence of a substantial renter population also suggests that the area could attract new residents who prefer renting due to its affordability or other lifestyle factors. Over time, this could shift the balance between supply and demand, potentially leading to increased competition among renters and upward pressure on rental prices.
In summary, ZIP 14108 appears to have a market where supply currently outpaces demand, but the underlying dynamics, particularly the high renter share, indicate a potential for long-term housing pressure. Landlords and small-portfolio investors should consider these factors when making decisions about their investments in this area.
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.