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 | $1,200 |
| 1 Bedroom | $1,230 |
| 2 Bedrooms | $1,450 |
| 3 Bedrooms | $1,760 |
| 4 Bedrooms | $2,020 |
| 5 Bedrooms | $2,343 |
| 6 Bedrooms | $2,624 |
| 7 Bedrooms | $2,834 |
| 8 Bedrooms | $2,976 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,450 | $267,217 | 0.54% | F |
| 3BR | $1,760 | $325,084 | 0.54% | F |
| 4BR | $2,020 | $377,248 | 0.54% | F |
U.S. Census Bureau data (2024)
The ZIP code 14201 in Buffalo, NY, stands out within Erie County due to its unique demographic and economic characteristics. With a population of 12,369, it has a significant rental market where 76.4% of residents rent their homes. The median income here is $40,512, which is notably lower than the median home value of $301,090, indicating a strong disparity between renters' income and homeownership costs.
The economics of Section 8 vouchers in ZIP 14201 are compelling. The Fair Market Rent (FMR) for the area, as set for fiscal year 2024, is $1,140, whereas the Zillow Observed Rent Index (ZORI), reflecting the actual market rent, is $1,307. This means that landlords can expect a discrepancy between the voucher amount and the typical market rent, potentially leading to lower overall revenue if they solely rely on Section 8 vouchers.
The data suggests that ZIP 14201 is currently in a transitional phase. While the rental market is robust, with a high percentage of renters, the gap between the median income and the median home value indicates a challenging environment for low-income families seeking homeownership. Additionally, the difference between the FMR and the market rent highlights an ongoing adjustment period for landlords who wish to participate in the Section 8 program while maintaining profitability.
Landlords and small-portfolio investors should be aware of these dynamics when considering properties in ZIP 14201. Although the rental market is strong, the economic conditions make it essential to carefully evaluate the financial implications of accepting Section 8 vouchers versus renting at market rates. The transitional nature of the ZIP code means that staying informed about local economic trends and policy changes will be crucial for making sound investment decisions.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-07-31). 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.