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 | $1,110 |
| 1 Bedroom | $1,130 |
| 2 Bedrooms | $1,340 |
| 3 Bedrooms | $1,630 |
| 4 Bedrooms | $1,860 |
| 5 Bedrooms | $2,158 |
| 6 Bedrooms | $2,417 |
| 7 Bedrooms | $2,610 |
| 8 Bedrooms | $2,741 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,340 | $143,879 | 0.93% | C |
| 3BR | $1,630 | $163,253 | 1% | C |
| 4BR | $1,860 | $163,349 | 1.14% | B |
| 5BR | $2,158 | $176,048 | 1.23% | A |
U.S. Census Bureau data (2024)
The Section 8 market analysis for ZIP code 14207 in Buffalo, NY, reveals a competitive rental environment. The HUD Fair Market Rent (FMR) for the area is set at $1,010 per month for FY 2024, while the market rent, as indicated by ZORI (Zillow Observed Rent Index), stands at $1,212. This means that voucher tenants will only cashflow at the FMR rate if the property is priced below the market average, making it challenging to achieve positive cashflow without premium units.
To understand the financial implications better, consider the median home value in the area, which is $153,944. This translates to a rent-to-price ratio of approximately 1.29%, indicating that properties in ZIP 14207 are primarily rental-focused rather than investment opportunities for long-term capital appreciation. The ratio suggests that the primary driver for investment should be rental income rather than potential increases in property value.
The current dynamics of the Buffalo-Cheektowaga, NY MSA metro do not significantly impact the decision between renting and buying, given the N/A-day median DOM (Days on Market) and the 0.2% share of properties that require a price cut. These metrics suggest that the local housing market is relatively stable, with minimal fluctuations in sales activity.
In conclusion, the strongest investor angle in ZIP 14207 is stability. While cashflow can be achieved with well-priced units, the appreciation potential is limited due to the low median home values and high rent-to-price ratios. Therefore, investors should focus on securing properties that offer steady, reliable returns through consistent rental income.
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.