Location: Buffalo-Cheektowaga, NY | Metro: Buffalo-Cheektowaga, NY MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,630 |
| 1 Bedroom | $1,670 |
| 2 Bedrooms | $1,970 |
| 3 Bedrooms | $2,400 |
| 4 Bedrooms | $2,740 |
| 5 Bedrooms | $3,178 |
| 6 Bedrooms | $3,559 |
| 7 Bedrooms | $3,844 |
| 8 Bedrooms | $4,036 |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 14203 in fiscal year 2024 is set at $1,640. This figure represents the payment standard for Section 8 housing vouchers, meaning that voucher holders will receive up to this amount to cover their rent. It's important to note that this is not your actual rent; it's the maximum amount that the government will pay on behalf of the tenant.
To put this into context, the local Zillow Observed Rent Index (ZORI) for ZIP 14203 is currently at $1,753. This indicates that the typical market rent in this area slightly exceeds the Section 8 payment standard, suggesting that landlords who participate in the program might need to adjust their expectations regarding rental income.
The demand for rental properties in ZIP 14203 is strong, with a renter share of 97.3%. This high percentage means that almost all residents in the area are renters, creating a robust market for rental units. The fact that the renter share is so high implies that there is a significant number of potential tenants who could benefit from Section 8 vouchers, making it likely that you can fill your property without much difficulty.
However, the acquisition cost for rental properties in ZIP 14203 is noted as N/A, which suggests that detailed data on property purchase costs is not available. This could be due to various reasons, including limited sales activity or lack of comprehensive reporting. For new investors, this might mean that they should rely on other sources of information, such as local real estate agents, to gauge the cost of acquiring a rental property in this area.
Before committing to a Section 8 rental in ZIP 14203, one key verification step is essential: ensure that your property meets all the necessary housing quality standards (HQS) required by the program. These standards are designed to ensure that the homes are safe and livable, and failing to meet them can result in penalties or disqualification from the program. A thorough inspection and any needed repairs should be completed prior to applying for tenants with Section 8 vouchers.
In summary, while the FMR of $1,640 might be slightly below the market rent of $1,753, the high renter share indicates strong demand for rental properties. The lack of detailed acquisition cost data means that investors should seek out local expertise. Most importantly, confirming that your property complies with HQS requirements is crucial for a smooth entry into the Section 8 program.
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.