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 | $1,300 |
| 1 Bedroom | $1,330 |
| 2 Bedrooms | $1,570 |
| 3 Bedrooms | $1,910 |
| 4 Bedrooms | $2,180 |
| 5 Bedrooms | $2,529 |
| 6 Bedrooms | $2,832 |
| 7 Bedrooms | $3,059 |
| 8 Bedrooms | $3,212 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,570 | $233,769 | 0.67% | D |
| 3BR | $1,910 | $304,516 | 0.63% | D |
| 4BR | $2,180 | $411,128 | 0.53% | F |
| 5BR | $2,529 | $583,078 | 0.43% | F |
U.S. Census Bureau data (2024)
The analysis of ZIP code 14226 in Buffalo, NY, within the Buffalo-Cheektowaga, NY MSA metro area, reveals several key insights for landlords and small-portfolio investors.
Firstly, does the rent math work? The Fair Market Rent (FMR) for ZIP 14226 in fiscal year 2024 is set at $1,320. In comparison, the market rent as measured by Zillow's Rent Index (ZORI) stands at $1,647. This indicates that landlords can potentially charge a premium over the FMR, which is beneficial for covering operational costs and generating profit.
Secondly, is acquisition affordable? The median home value in ZIP 14226 is $310,798. While the average days on market (DOM) is not available, the fact that only 0.1% of homes are listed with a price cut suggests that the housing market is relatively stable and competitive. Landlords looking to acquire properties should be prepared to compete with other buyers, but the median home value provides a reasonable benchmark for affordability.
Lastly, is there tenant demand? The population of ZIP 14226 is 29,159, with 29.0% of residents being renters. This implies a steady pool of potential tenants, although it is important to note that the renter share is below the national average, indicating a slightly less robust rental market compared to some other areas.
Verdict: The rent math in ZIP 14226 works favorably for landlords, with the ability to charge above the FMR. Acquisition remains affordable with a median home value of $310,798, though competition for properties is evident. Tenant demand is present, but the lower-than-average renter share suggests a need for strategic property management to attract and retain tenants. Overall, ZIP 14226 offers a balanced opportunity for investment, provided landlords can effectively manage their properties to appeal to the local rental market.
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.