Section 8 Fair Market Rent (FMR) for ZIP 14215 - 2027

Investment Score for ZIP 14215

Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$1,080
1 Bedroom	$1,110
2 Bedrooms	$1,310
3 Bedrooms	$1,590
4 Bedrooms	$1,820
5 Bedrooms	$2,111
6 Bedrooms	$2,364
7 Bedrooms	$2,553
8 Bedrooms	$2,681

Investment Analysis by Bedroom Size

Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)

Bedrooms	Monthly FMR	Median Price	1% Rule	Grade
2BR	$1,310	$141,441	0.93%	C
3BR	$1,590	$150,044	1.06%	B
4BR	$1,820	$157,583	1.15%	B
5BR	$2,111	$169,185	1.25%	A

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

### Market Analysis for ZIP Code 14215 (Buffalo, NY) #### Section 8 Voucher Dynamics The Fair Market Rent (FMR) for ZIP code 14215 is set by HUD for 2026 as follows: - 0BR: $1000 - 1BR: $1030 - 2BR: $1210 (which represents 32.3% of the median household income) - 3BR: $1480 - 4BR: $1680 To understand how these FMRs compare to actual rents, we can look at the Zillow median price for a 2BR unit, which is $130,973. This figure, however, is a median home value and not directly comparable to rental rates. The price-to-FMR ratio for a 2BR unit is 9.0x, indicating that the median home value is nine times the FMR for a 2BR rental unit. Given that the median household income in ZIP 14215 is $44,955, the 2BR FMR of $1210 is a significant portion of the average renter’s budget. For voucher holders, this means they would need to find units priced at or below $1210 for a 2BR property to be eligible for full coverage under their vouchers. However, if the actual rental market exceeds these FMRs, voucher holders could face challenges in finding affordable housing. #### Affordability & Renter Profile ZIP 14215 has a population of 42,524, with 50.0% of residents being renters. This indicates a balanced market where half of the households are tenants, suggesting a robust demand for rental properties. The occupancy rate stands at 89.0%, which implies that there is a relatively high demand for housing in the area, but it also suggests that there might be some supply available, preventing the market from becoming extremely tight. Given that the median household income is $44,955, and the FMR for a 2BR unit is $1210, which is 32.3% of the median income, it is clear that the cost of living is a significant concern for many residents. The high percentage of renters and the fact that FMRs represent a substantial part of the median income indicate that affordability is a key issue. #### Investor Angle From an investor perspective, the ZIP code 14215 presents both opportunities and challenges. The FMRs provide a benchmark for what HUD considers reasonable rental prices, but the actual rental market may differ. If the actual rental rates exceed the FMRs, investors who rely on Section 8 vouchers will have limited options for achieving positive cash flow. For example, a 2BR unit priced at $1210 per month would be considered at the FMR level. However, if the actual rental rates are higher, say $1500 per month, then the difference between the actual rent and the FMR would need to be subsidized by the tenant out-of-pocket. This could lead to financial strain for the tenant and potentially higher vacancy rates for landlords. The investment grade for this ZIP code would depend on the actual rental rates compared to the FMRs. If the actual rental rates are close to or below the FMRs, then the investment grade would likely be favorable. However, if the actual rental rates significantly exceed the FMRs, then the investment grade would be less favorable due to the potential for higher vacancy rates and lower cash flow. #### Specific Actionable Insights 1. **Focus on Units Below FMR**: Investors should focus on acquiring properties that can be rented at or below the FMR levels. For instance, a 2BR unit priced at $1210 or less would be ideal for attracting Section 8 voucher holders without requiring additional subsidies from the tenant. 2. **Monitor Actual Rental Rates**: It is crucial to monitor the actual rental rates in ZIP 14215 to ensure that they do not exceed the FMRs. If the actual rental rates are consistently above the FMRs, then investors may want to consider other ZIP codes with more favorable rental dynamics. 3. **Consider Property Improvements**: Given the high occupancy rate and the significant proportion of renters, investing in property improvements to attract voucher holders could be beneficial. Ensuring that units meet the necessary standards for Section 8 eligibility while keeping costs within FMR limits can help secure long-term tenancies. #### Bottom Line Based on the data provided, ZIP code 14215 presents a mixed picture for Section 8-focused investors. While there is a strong demand for rental properties, the high price-to-FMR ratio for homes suggests that the rental market may be somewhat inflated relative to the FMRs. Therefore, the recommendation for investors is to **Hold**. Investors should carefully evaluate the actual rental rates before making any purchases. If they can find properties that are priced at or below the FMRs, then these investments could be profitable. However, given the current data, it is advisable to hold off on new acquisitions until further research confirms the actual rental rates align more closely with the FMRs.

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.