Location: Buffalo-Cheektowaga, NY | Metro: Buffalo-Cheektowaga, NY MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,210 |
| 1 Bedroom | $1,230 |
| 2 Bedrooms | $1,460 |
| 3 Bedrooms | $1,780 |
| 4 Bedrooms | $2,030 |
| 5 Bedrooms | $2,355 |
| 6 Bedrooms | $2,638 |
| 7 Bedrooms | $2,849 |
| 8 Bedrooms | $2,991 |
ZIP Code 14233 is located in Buffalo, NY, and it represents a unique, single-entity area without specific demographic data available. To provide a detailed analysis, we must rely on the broader context of nearby ZIP codes, such as 14206, where some relevant data can be found.
The lack of detailed demographic information for ZIP 14233 makes it challenging to provide precise figures for population, percentage of renters, median income, and median home value. However, it is part of the larger Buffalo metropolitan area, which typically has a significant rental market and diverse economic conditions.
Moving into the rent economics, the Fair Market Rent (FMR) for ZIP 14233 is set at $1190 for the fiscal year 2024. This figure is crucial for Section 8 landlords and small-portfolio investors as it determines the maximum allowable rent for subsidized units. Without specific market rent data for ZIP 14233, we can infer that the FMR is likely reflective of the overall rental market trends in the Buffalo area.
In terms of investment suitability, ZIP 14233 may cater to both hands-off voucher operators and hands-on value-add buyers. Given the FMR of $1190, hands-off operators can benefit from the stability provided by the Section 8 program, ensuring consistent rental income. On the other hand, value-add buyers might find opportunities to improve property values and potentially command higher rents once the improvements are completed, assuming the broader market supports such increases.
To make a more informed decision, investors should consult the demographic data of nearby ZIP codes and neighborhoods, such as 14206, to understand the local economic landscape better. This will help in assessing whether the area is suitable for long-term hands-off investments or short-term value-add strategies.
Data Sources: FMR data from HUD (2027).
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.