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 | $1,240 |
| 1 Bedroom | $1,270 |
| 2 Bedrooms | $1,500 |
| 3 Bedrooms | $1,830 |
| 4 Bedrooms | $2,080 |
| 5 Bedrooms | $2,413 |
| 6 Bedrooms | $2,703 |
| 7 Bedrooms | $2,919 |
| 8 Bedrooms | $3,065 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,500 | $496,213 | 0.3% | F |
| 3BR | $1,830 | $820,387 | 0.22% | F |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 14202 in Buffalo, NY, for fiscal year 2024 is set at $1220. This figure represents the maximum amount that a landlord can charge for rent under the Section 8 program. It's important to note that this is not the rent you will receive; rather, it's the benchmark used by the Housing Choice Voucher Program to determine the rent subsidy for eligible tenants.
In comparison, the local median asking rent for ZIP 14202 is $1818, according to the Zillow Observed Rental Index (ZORI). This means that if you choose to participate in Section 8, you'll be charging a lower rate than the average market rent in the area. However, the demand for rentals is high, with 78.1% of residents being renters, indicating a strong need for affordable housing options.
The median home value in ZIP 14202 is around $565,073, which gives you an idea of the potential acquisition cost for a property. While this price may seem high, remember that the FMR is designed to cover a reasonable portion of your expenses, including maintenance, insurance, and taxes, but not necessarily the entire cost of ownership.
To ensure you're making a sound investment decision, verify that the property meets all local housing quality standards (HQS) before signing up for Section 8. These standards include basic safety and habitability requirements that must be met to qualify for the program. Once confirmed, you can proceed with confidence knowing that the property will be suitable for Section 8 tenants and that you will receive a steady, government-backed income stream.
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.