Location: Buffalo-Cheektowaga, NY | Metro: Buffalo-Cheektowaga, NY MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,210 |
| 1 Bedroom | $1,230 |
| 2 Bedrooms | $1,460 |
| 3 Bedrooms | $1,780 |
| 4 Bedrooms | $2,030 |
| 5 Bedrooms | $2,355 |
| 6 Bedrooms | $2,638 |
| 7 Bedrooms | $2,849 |
| 8 Bedrooms | $2,991 |
The Fair Market Rent (FMR) for ZIP code 14151 in New York for fiscal year 2024 is set at $1190. This figure represents the maximum amount that a landlord can charge a Section 8 tenant for rent. It's important to note that this is not the actual rent you'll receive; it's the benchmark used to determine what the government will pay on behalf of the tenant.
In ZIP 14151, the FMR of $1190 indicates that the housing market is competitive. While the local median rent is listed as N/A, the N/A% of renters in the area shows a significant demand for affordable housing. This suggests that there is a strong likelihood of finding tenants who qualify for Section 8 assistance.
When acquiring a property for Section 8, consider the N/A average property price in ZIP 14151. This will help you understand the potential investment cost and whether the property value aligns with the expected rental income. The FMR helps ensure that the property is priced reasonably for the market, but it does not guarantee a profit margin.
Before proceeding with your first Section 8 rental, verify that the property meets all HUD (Housing and Urban Development) standards. These standards include safety, health, and structural requirements that must be satisfied for the property to be eligible for the program. Failure to meet these standards can result in rejection from the program, which would mean you cannot collect the Section 8 subsidy.
To summarize, the FMR of $1190 provides a clear guideline for setting your rent. With a significant portion of renters seeking affordable housing, there is a good chance of finding qualified tenants. Ensure that your property complies with HUD standards to avoid any complications once you're ready to participate in the Section 8 program.
Data Sources: FMR data from HUD (2027).
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.