Location: Cattaraugus County, NY | Metro: Buffalo-Cheektowaga, NY MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $840 |
| 1 Bedroom | $880 |
| 2 Bedrooms | $1,090 |
| 3 Bedrooms | $1,370 |
| 4 Bedrooms | $1,600 |
| 5 Bedrooms | $1,856 |
| 6 Bedrooms | $2,079 |
| 7 Bedrooms | $2,245 |
| 8 Bedrooms | $2,357 |
U.S. Census Bureau data (2024)
The investment risk assessment for ZIP 14173 reveals several potential challenges for landlords considering Section 8 participation. Tenant turnover is a significant concern due to the discrepancy between the market rent and the $1190 Fair Market Rent (FMR) for fiscal year 2024. This gap can lead to higher tenant churn rates, as many may prefer to move when they find better rental deals outside the program. Landlords should prepare for increased administrative burdens associated with frequent turnover.
Vacancy exposure is another issue, especially given the lack of available data on the number of days on market (DOM) for properties in this area. With limited information, it's difficult to predict how long a property might remain vacant between tenants. This uncertainty can pose financial risks, as landlords rely on steady rental income to cover mortgage payments, maintenance costs, and other expenses.
The deferred-maintenance exposure is notable, particularly with the typical home value in ZIP 14173 at $173,718 and the absence of data on median income. High home values without corresponding income data suggest that some homeowners may struggle to maintain their properties adequately, leading to potential issues such as aging infrastructure, which can increase repair and maintenance costs for landlords.
However, these risks must be weighed against the 0.0% renter share in ZIP 14173. While this figure initially appears concerning, it actually indicates a unique opportunity. High renter density typically correlates with greater demand for housing vouchers, which can stabilize occupancy rates. Although the renter share is currently zero, this ZIP code may still attract voucher holders due to its proximity to areas with higher renter populations or because of its appeal as a residential location.
Verdict: Moderate risk for a first-time Section 8 landlord.
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.