Section 8 Fair Market Rent (FMR) for ZIP 14172 - 2027

Location: Buffalo-Cheektowaga, NY | Metro: Buffalo-Cheektowaga, NY MSA

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$1,130
1 Bedroom	$1,150
2 Bedrooms	$1,360
3 Bedrooms	$1,660
4 Bedrooms	$1,890
5 Bedrooms	$2,192
6 Bedrooms	$2,455
7 Bedrooms	$2,651
8 Bedrooms	$2,784

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

3,091

Median Household Income

$81,330

Housing Units

1,703

Renter Percentage

14.9%

Occupancy Rate

82.1%

Renter Occupied

209

Housing Authorities Serving ZIP 14172

City of Niagara Falls (Niagara Falls, NY) - 981 Section 8 vouchers
Lockport Housing Authority (Lockport, NY) - 192 Section 8 vouchers
Niagara Falls Housing Authority (Niagara Falls, NY)

To determine if a landlord should buy in ZIP code 14172 (Wilson, NY) for Section 8 purposes, follow this decision tree:

Step 1: Does the Fair Market Rent (FMR) of $1210 cover the debt service on a property valued at $263,786?

If the annual debt service (including mortgage, taxes, insurance, and maintenance) is less than $14,520 ($1210 x 12 months), then the answer is yes. For example, if the mortgage payment alone is $1,000 per month, the total debt service would likely exceed $12,000 annually, making it difficult to cover costs solely with Section 8 payments.

Step 2: Compare the market rent of $1,060 (from Census ACS data) to the FMR.

The market rent is below the FMR, indicating that Section 8 tenants would pay more than what the average market rent suggests. This makes the property potentially attractive for Section 8 participation since it could help fill units that might otherwise be vacant due to lower market rents.

Step 3: Assess rental demand. In Wilson, NY, 14.9% of residents are renters, but the days on market (DOM) data is not available.

Given the lack of DOM data, the decision hinges on whether the 14.9% rental rate is sufficient to ensure steady occupancy. If there are other factors suggesting high demand, such as low vacancy rates or a growing population, then the answer leans towards yes. However, without DOM data, it's challenging to make a definitive assessment on the speed of unit turnover.

Decision Outcomes:

If Yes to Step 1 and Step 2: The property is financially viable for Section 8 participation, assuming the rental demand is strong enough to keep units occupied.
If No to Step 1: The FMR does not sufficiently cover the debt service, making it unwise to invest in Section 8 properties in this area unless there are significant subsidies or other income sources.
If It Depends on Step 3: The viability of investment in Section 8 properties depends on additional research into local rental market conditions and the potential for steady tenant flow despite the lack of DOM data.

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.