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 | $1,120 |
| 1 Bedroom | $1,140 |
| 2 Bedrooms | $1,350 |
| 3 Bedrooms | $1,640 |
| 4 Bedrooms | $1,880 |
| 5 Bedrooms | $2,181 |
| 6 Bedrooms | $2,443 |
| 7 Bedrooms | $2,638 |
| 8 Bedrooms | $2,770 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,350 | $205,206 | 0.66% | D |
| 3BR | $1,640 | $234,745 | 0.7% | D |
| 4BR | $1,880 | $248,766 | 0.76% | D |
| 5BR | $2,181 | $268,090 | 0.81% | C |
U.S. Census Bureau data (2024)
The market analysis for Section 8 investors targeting ZIP code 14220 in Buffalo, NY, reveals a competitive landscape where voucher tenants can achieve positive cashflow but only with premium units. The HUD Fair Market Rent (FMR) for FY 2024 is set at $1090, while the market rent, measured by Zillow's Owner Occupied Rental Index (ZORI), stands at $1313. This means that landlords must offer units that exceed average quality standards to ensure they cover costs and generate a profit when relying solely on the FMR.
To further understand the investment potential, consider the median home value in ZIP 14220, which is $225,220. Using this figure, we can calculate a rent-to-price ratio of approximately 0.6%, indicating a relatively stable housing market where rental income does not significantly impact overall property value. This ratio is useful for investors looking to balance between rental income and potential property appreciation.
The dynamics of days on market (DOM) and price-cutting percentages do not directly influence the decision to invest in rental properties, given that DOM is listed as N/A and the price-cut share is a negligible 0.2%. These factors suggest that the housing market is not highly volatile, and properties generally sell without significant reductions in price, contributing to overall market stability.
In conclusion, the strongest investor angle in ZIP 14220 is stability. While cashflow can be challenging due to the gap between FMR and market rent, the low volatility and strong median home values provide a solid foundation for long-term investment strategies focused on steady returns and minimal risk.
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.