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 | $1,330 |
| 1 Bedroom | $1,360 |
| 2 Bedrooms | $1,610 |
| 3 Bedrooms | $1,960 |
| 4 Bedrooms | $2,240 |
| 5 Bedrooms | $2,598 |
| 6 Bedrooms | $2,910 |
| 7 Bedrooms | $3,143 |
| 8 Bedrooms | $3,300 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,610 | $228,580 | 0.7% | D |
| 3BR | $1,960 | $271,938 | 0.72% | D |
| 4BR | $2,240 | $316,234 | 0.71% | D |
| 5BR | $2,598 | $330,961 | 0.78% | D |
U.S. Census Bureau data (2024)
A household in ZIP 14227, located in Buffalo, NY, earns a median income of $68,928 annually. The market rate for rent, known as ZORI (Zillow Observed Rent Index), stands at $1,201 per month. This figure represents the average rent paid by tenants in the area. To determine if this rent is affordable for the typical household, we must consider that an affordable rent is generally defined as not exceeding 30% of a household's income. In ZIP 14227, 33.1% of the 20,621 population are renters.
The Federal Market Rent (FMR) for the zip code in fiscal year 2024 is set at $1,330. This is the amount that Housing Choice Vouchers, commonly known as Section 8 vouchers, will pay toward the rent on behalf of eligible households. However, the FMR exceeds the market rate, indicating that voucher holders might find it easier to secure housing in this area compared to those paying out-of-pocket.
To put these numbers into perspective, 30% of the median household income in ZIP 14227 amounts to $1,723 per month. Therefore, a household earning the median income could afford the market rate rent of $1,201 without financial strain. However, the difference between the market rate ($1,201) and the FMR ($1,330) suggests that landlords who accept vouchers might receive slightly higher payments than the current market rate, making voucher tenants attractive to landlords.
The affordability gap in ZIP 14227 is not significant, as the median income comfortably covers the market rate rent. For landlords, this means that competition for tenants willing to pay cash rent is likely to be high, given the relatively low cost of living compared to income levels. On the other hand, accepting Section 8 vouchers can provide a stable source of income, although it requires compliance with HUD regulations and potential administrative overhead.
Takeaway: Landlords in ZIP 14227 should consider both cash-paying and voucher tenants as viable options. While cash-paying tenants offer immediate liquidity, voucher tenants can provide a slightly higher and more consistent rental income. Landlords should weigh the benefits of each strategy against their own business goals and operational capacity.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-07-31). 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.