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 | $1,490 |
| 1 Bedroom | $1,520 |
| 2 Bedrooms | $1,800 |
| 3 Bedrooms | $2,190 |
| 4 Bedrooms | $2,500 |
| 5 Bedrooms | $2,900 |
| 6 Bedrooms | $3,248 |
| 7 Bedrooms | $3,508 |
| 8 Bedrooms | $3,683 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $1,520 | $160,965 | 0.94% | C |
| 2BR | $1,800 | $226,436 | 0.79% | D |
| 3BR | $2,190 | $353,650 | 0.62% | D |
| 4BR | $2,500 | $496,311 | 0.5% | F |
| 5BR | $2,900 | $549,736 | 0.53% | F |
U.S. Census Bureau data (2024)
The ZIP code 14228 in Buffalo, NY, is characterized by a significant rental population. With 46.9% of residents being renters, this area leans towards a renter-heavy environment. The median household income stands at $74,871, which provides a context for assessing the affordability of the average market rent of $1,842.
To understand the depth of voucher demand, compare the market rent to the Fair Market Rent (FMR), which is set at $1500 for FY 2024. This indicates that the actual market rent in ZIP 14228 exceeds the FMR by $342, suggesting that there is likely a substantial need for housing assistance among tenants.
The typical rent consumes approximately 24.6% of the median household income in this area. This percentage is calculated by dividing the market rent ($1,842) by the median household income ($74,871) and multiplying by 100. It's important to note that this figure represents the entire population, including homeowners and non-voucher users. For those relying on Section 8 vouchers, the situation is more challenging given that the voucher amount is capped at $1500.
A landlord in ZIP 14228 can expect a diverse tenant pool, but with a notable portion of individuals who will require financial assistance through Section 8 vouchers. These tenants will likely be families with limited incomes, possibly working in lower-wage jobs, and seeking affordable housing options. Given the disparity between the market rent and the FMR, landlords may find it necessary to offer competitive rates to attract voucher holders or consider other forms of subsidies or assistance programs to bridge the gap.
In conclusion, ZIP 14228 presents a strong opportunity for landlords focused on serving a tenant base that includes a significant number of voucher users. While the market rent is higher than the FMR, the high percentage of renters and the median income level suggest that there is a robust demand for subsidized housing options. Landlords should prepare for a tenant profile that includes many families looking for stable, affordable living arrangements.
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.