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 |
The median household income in ZIP 14263 is $49,263. Given this figure, the affordability of market-rate rentals becomes critical. The average rental price in Buffalo, NY, is $1,400 per month, which suggests a significant portion of a household's income would go toward rent.
Comparing this to the voucher payment standard of $1190 (FMR for zip FY 2024), it's evident that voucher recipients face a smaller financial burden compared to those paying market rates. A household earning the median income would spend approximately 33% of their monthly income on average rent, whereas voucher holders pay only about 24% of the median income.
The affordability gap means that landlords in ZIP 14263 will face competition, especially from those willing to accept Section 8 vouchers. Given the median income and the average rental cost, many potential tenants may prefer properties that accept vouchers due to the lower financial strain.
For landlords considering their strategy, accepting Section 8 vouchers can open up a larger pool of potential tenants who might otherwise struggle to afford market-rate rents. While the monthly payment is slightly less at $1190, the stability and guaranteed payments through the voucher program could outweigh the difference in rent. However, landlords should also consider the administrative aspects and any additional regulations associated with participating in the Section 8 program.
In conclusion, landlords in ZIP 14263 must weigh the benefits of accepting vouchers against the slightly reduced monthly rent. The choice to accept vouchers can help attract tenants in an area where the median income is relatively low compared to the average rental costs.
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.