Section 8 Fair Market Rent (FMR) for ZIP 14218 - 2027

Location: Buffalo-Cheektowaga, NY | Metro: Buffalo-Cheektowaga, NY MSA

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$1,020
1 Bedroom	$1,040
2 Bedrooms	$1,230
3 Bedrooms	$1,500
4 Bedrooms	$1,710
5 Bedrooms	$1,984
6 Bedrooms	$2,222
7 Bedrooms	$2,400
8 Bedrooms	$2,520

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

20,312

Median Household Income

$54,748

Housing Units

9,541

Renter Percentage

43.8%

Occupancy Rate

90.3%

Renter Occupied

3,774

Housing Authorities Serving ZIP 14218

Town of Amherst (Buffalo, NY) - 5,683 Section 8 vouchers
City of Buffalo (Buffalo, NY) - 5,329 Section 8 vouchers
Buffalo Municipal Housing Authority (Buffalo, NY) - 1,595 Section 8 vouchers
City of North Tonawanda (Buffalo, NY) - 674 Section 8 vouchers
Lackawanna Municipal Housing Authority (Lackawanna, NY)
Kenmore Municipal Housing Authority (Kenmore, NY)

The ZIP code 14218, located in Buffalo, NY, presents a unique opportunity for real estate investors interested in the rental market. The area is characterized by a significant portion of renters and moderate housing values, making it a viable option for those looking to enter or expand their investment portfolio.

Fair Market Rent (FMR) for ZIP 14218 in fiscal year 2024 is set at $1010. This figure represents the maximum amount that low-income families should pay for housing and can serve as a benchmark for setting reasonable rental prices.
The market rent for the area stands at $878 according to the latest Census ACS data. This indicates that the actual rents charged are slightly below the FMR, suggesting potential for modest increases without alienating tenants.
The median home value in ZIP 14218 is $212,848. This relatively low value can be advantageous for investors looking to acquire properties at a lower cost, especially when compared to other areas in the region.
Renters make up 43.8% of the population in this ZIP code. This high percentage of renters suggests a robust demand for rental properties, which is favorable for landlords and small-portfolio investors.
The median income in ZIP 14218 is $54,748. This income level is indicative of the economic profile of the residents, which can influence the type of rental units that are most in demand and the pricing strategy for these units.
The days on market (DOM) data is not available. This lack of information could imply either a very efficient local real estate market where properties sell quickly, or a less active market where there might be challenges in selling properties rapidly.

In summary, ZIP 14218 offers a mix of affordability and demand that can be attractive for investors. With a substantial renter population and a median home value that's lower than the FMR, there's potential for both rental income and property appreciation. However, the absence of DOM data means that investors should be cautious about the time it might take to find tenants or sell properties if needed. The current market rent being below the FMR also opens a window for strategic price adjustments, ensuring competitiveness while aiming for higher returns.

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.