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: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $1,760 | $354,252 | 0.5% | F |
| 4BR | $2,020 | $443,747 | 0.46% | F |
| 5BR | $2,343 | $584,431 | 0.4% | F |
U.S. Census Bureau data (2024)
The economics of Section 8 in ZIP code 14209 are straightforward. The SAFMR (Standard Area Fair Market Rent) for a two-bedroom apartment in this specific ZIP code for fiscal year 2024 is set at $1140. This is the maximum amount that the Housing Choice Voucher program will pay towards rent for a two-bedroom unit in this area.
In contrast, the local market rent for a similar two-bedroom apartment, as indicated by ZORI (Zillow Observed Rent Index), is $1,429. This represents the average rent price landlords might expect from private tenants without a voucher.
A voucher payment consists of several components:
To illustrate, if a tenant's monthly adjusted income is $2,000, they would pay 30% of that, which is $600, towards rent. If the utility allowance is $250, then the total contribution from the voucher program would be the SAFMR minus these amounts. In this case, the voucher program would cover $1140 - $600 - $250 = $290.
This means that the landlord would receive a total of $890 ($600 from the tenant + $290 from the voucher program) from the voucher tenant. However, since the local market rent is higher at $1,429, there is a significant gap between the market rent and the voucher reimbursement.
The reimbursement gap for a two-bedroom apartment in ZIP 14209 is $1,429 - $1,140 = $289 per month. This is the amount by which the market rent exceeds the SAFMR, representing the shortfall landlords must absorb if they choose to participate in the Section 8 program.
Landlords should carefully consider this economic reality when deciding whether to accept Section 8 vouchers for their properties in ZIP 14209. While the program provides a steady stream of rental income, it does not match the local market rates, leaving a notable surplus for the landlord to account for.
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.