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 | $900 |
| 1 Bedroom | $920 |
| 2 Bedrooms | $1,090 |
| 3 Bedrooms | $1,330 |
| 4 Bedrooms | $1,510 |
| 5 Bedrooms | $1,752 |
| 6 Bedrooms | $1,962 |
| 7 Bedrooms | $2,119 |
| 8 Bedrooms | $2,225 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,090 | $272,456 | 0.4% | F |
| 3BR | $1,330 | $376,313 | 0.35% | F |
| 4BR | $1,510 | $419,163 | 0.36% | F |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 14139 in South Wales, NY, for fiscal year 2024 is set at $1,090. This figure represents the maximum amount that landlords can charge tenants participating in the Section 8 program. It's important to note that this is not the actual rent you will be receiving; rather, it's the cap on the rent that can be charged to Section 8 tenants.
To put this into perspective, the average rent for properties in the same ZIP code is $1,694, according to the latest Census American Community Survey (ACS) data. This means that if you decide to participate in the Section 8 program, your rental income will be significantly lower compared to market rates. However, the demand for affordable housing remains steady, with 13.4% of the population being renters. This indicates a consistent need for affordable housing units, which can help ensure stable occupancy rates.
The acquisition cost of a property in this area is approximately $353,785. Given the FMR of $1,090, landlords should carefully consider their investment and calculate whether the reduced rental income aligns with their financial goals. For instance, if you own a property valued at $353,785, you'll need to assess whether the lower rent from Section 8 tenants will cover your mortgage payments, maintenance costs, and other expenses.
Before committing to a Section 8 rental, verify that your property meets the required standards. The Housing Quality Standards (HQS) must be met to ensure the property is safe and livable. This includes checking for issues such as peeling paint, faulty plumbing, and structural integrity. Ensuring these standards will prevent delays in the approval process and potential disputes with tenants.
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.