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 | $1,090 |
| 1 Bedroom | $1,120 |
| 2 Bedrooms | $1,320 |
| 3 Bedrooms | $1,610 |
| 4 Bedrooms | $1,830 |
| 5 Bedrooms | $2,123 |
| 6 Bedrooms | $2,378 |
| 7 Bedrooms | $2,568 |
| 8 Bedrooms | $2,696 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,320 | $228,113 | 0.58% | F |
| 3BR | $1,610 | $269,138 | 0.6% | F |
| 4BR | $1,830 | $305,617 | 0.6% | F |
| 5BR | $2,123 | $324,288 | 0.65% | D |
U.S. Census Bureau data (2024)
ZIP 14223, located in Buffalo, NY, is best suited as a cash-flow anchor within a Section 8 portfolio strategy. The key determinant for this classification is the favorable spread between the Fair Market Rent (FMR) and the actual market rent, which ensures steady and predictable cash flow for landlords.
In fiscal year 2024, the FMR for a one-bedroom apartment in ZIP 14223 is set at $1,110. However, the current market rent for a similar unit stands at $1,369. This $259 difference per month represents a significant cushion that landlords can rely on to cover expenses and generate profit. Furthermore, the median home value in the area is $261,961, indicating a stable housing market where property values are unlikely to fluctuate drastically.
The low 0.1% price-cut share and N/A-day days on market (DOM) suggest that rental properties in ZIP 14223 do not typically require aggressive pricing strategies to attract tenants, thus maintaining strong rental rates. Additionally, the 19.1% renter share implies a moderate level of competition among renters, ensuring a steady demand for rental units without the need for frequent price adjustments.
While the median income of $84,161 in the area might seem attractive for higher-end rentals, the primary focus for Section 8 landlords should be on the guaranteed rental income rather than potential appreciation. The consistent cash flow provided by the FMR and market rent differential makes ZIP 14223 an ideal choice for anchoring a portfolio's financial stability.
To summarize, ZIP 14223 serves as a reliable cash-flow anchor due to the substantial gap between the FMR and market rent, along with the moderate competition among renters and stable property values. Landlords can expect predictable returns and minimal risk of vacancy or default, making it a valuable addition to any Section 8-focused investment strategy.
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.