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 | $990 |
| 1 Bedroom | $1,010 |
| 2 Bedrooms | $1,200 |
| 3 Bedrooms | $1,460 |
| 4 Bedrooms | $1,670 |
| 5 Bedrooms | $1,937 |
| 6 Bedrooms | $2,169 |
| 7 Bedrooms | $2,343 |
| 8 Bedrooms | $2,460 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,200 | $140,667 | 0.85% | C |
| 3BR | $1,460 | $217,404 | 0.67% | D |
| 4BR | $1,670 | $154,859 | 1.08% | B |
U.S. Census Bureau data (2024)
The ZIP code 14204 in Buffalo, NY presents a challenging rental market for households. With a median income of $28,182, the financial landscape for renters is quite strained when faced with the market rate rent of $1,761 per month (ZORI).
To put this into perspective, the monthly voucher payment standard for the area in fiscal year 2024 is set at $980, which is significantly lower than the market rate. This indicates that a substantial portion of the 7,932 residents who make up the ZIP code would likely struggle to afford market-rate rents without assistance.
The high percentage of renters—73.5%—suggests a robust demand for affordable housing options. However, the disparity between the median income and the market rate rent creates an affordability gap that could impact landlord competition. Landlords might find themselves competing with subsidized housing options, which offer more affordable rates to tenants.
For landlords considering their strategy regarding voucher versus cash-pay tenants, the data points to a significant advantage in accepting vouchers. While the $980 voucher amount is less than the market rate, it provides a reliable source of income and access to a larger pool of potential tenants who cannot otherwise afford the rent. The takeaway is clear: focusing on voucher acceptance can be a strategic move to secure tenancy and remain competitive in a market where many households face financial constraints.
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.