Location: Wyoming County, NY | Metro: Wyoming County, NY
| Unit Size | Monthly FMR |
|---|---|
| Studio | $870 |
| 1 Bedroom | $880 |
| 2 Bedrooms | $1,020 |
| 3 Bedrooms | $1,340 |
| 4 Bedrooms | $1,700 |
| 5 Bedrooms | $1,972 |
| 6 Bedrooms | $2,209 |
| 7 Bedrooms | $2,386 |
| 8 Bedrooms | $2,505 |
U.S. Census Bureau data (2024)
The Section 8 analysis for ZIP code 14130 reveals a significant gap between the Fair Market Rent (FMR) and the actual market rent. The FMR for the metro area in fiscal year 2026 is set at $990, while the current market rent is not available, indicating a potential reliance on historical or projected data for decision-making.
Given that the FMR exceeds the market rent, landlords and small-portfolio investors can leverage this situation to increase their rental yields. Voucher tenants, who are subsidized by the government up to the FMR level, can offer a steady stream of income that matches the higher FMR, thus making this a yield play. This means that even if the market rent is lower, landlords can still achieve a rental rate close to the FMR through voucher programs, enhancing their profitability.
The ZIP code's demographic context supports this analysis. With 25.9% of residents being renters and a median household income of $70,114, there is a notable demand for affordable housing. Although the median home value is not specified, the income levels suggest that many residents might qualify for Section 8 vouchers, further increasing the potential for landlords to attract tenants willing to pay the FMR rate.
However, it is crucial to understand the implications of renting to voucher tenants. While they can fill the gap between market rent and FMR, landlords must also consider the administrative burden and the possibility of slower payment cycles. Additionally, the tenant selection process can be more stringent, which might limit the pool of potential occupants.
In conclusion, the gap between the FMR and market rent in ZIP 14130 presents an opportunity for landlords to enhance their yields by participating in the Section 8 program. Given the high percentage of renters and median income levels, there is a strong likelihood that voucher tenants will be available to fill properties at the FMR rate of $990, offering a stable and potentially profitable rental scenario.
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.