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 | $1,320 |
| 1 Bedroom | $1,340 |
| 2 Bedrooms | $1,590 |
| 3 Bedrooms | $1,940 |
| 4 Bedrooms | $2,210 |
| 5 Bedrooms | $2,564 |
| 6 Bedrooms | $2,872 |
| 7 Bedrooms | $3,102 |
| 8 Bedrooms | $3,257 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,590 | $376,970 | 0.42% | F |
| 3BR | $1,940 | $517,417 | 0.37% | F |
| 4BR | $2,210 | $567,988 | 0.39% | F |
| 5BR | $2,564 | $705,065 | 0.36% | F |
U.S. Census Bureau data (2024)
The ZIP code 14222 in Buffalo, NY, stands out due to its unique demographic and economic characteristics. With a population of 15,311, it has a significant rental market where 60.1% of the residents are tenants. The median income in this area is $81,652, indicating a middle-class community. However, the median home value of $524,819 is notably higher, suggesting that homeownership is more expensive compared to other areas in Erie County.
The voucher economics in ZIP 14222 provide an interesting insight into the housing market dynamics. The Fair Market Rent (FMR) for the fiscal year 2024 is set at $1,290, which is significantly lower than the market rent of $1,566 as measured by ZORI (Zillow Observed Rent Index). This discrepancy means that landlords participating in the Section 8 program will receive less than the market rate, but it also suggests that the program can help stabilize rents for low-income households.
Given the data signature of ZIP 14222, the overall trend appears stable rather than transitional. The high median home value and relatively low FMR indicate a balanced market where the rental assistance provided by Section 8 can be beneficial for both tenants and landlords. For small-portfolio investors, understanding these figures is crucial when considering the potential returns and risks associated with properties in this ZIP code. The gap between FMR and market rent provides a clear benchmark for setting rental prices while remaining competitive and eligible for Section 8 vouchers.
To summarize, ZIP 14222 offers a stable environment for real estate investments, particularly for those interested in the rental market. Landlords should be aware of the economic realities, including the disparity between FMR and market rent, when making decisions about their properties. This knowledge can guide them in optimizing their portfolio and ensuring compliance with Section 8 requirements.
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.