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 | $890 |
| 1 Bedroom | $910 |
| 2 Bedrooms | $1,080 |
| 3 Bedrooms | $1,310 |
| 4 Bedrooms | $1,500 |
| 5 Bedrooms | $1,740 |
| 6 Bedrooms | $1,949 |
| 7 Bedrooms | $2,105 |
| 8 Bedrooms | $2,210 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,080 | $105,123 | 1.03% | B |
| 3BR | $1,310 | $118,162 | 1.11% | B |
| 4BR | $1,500 | $126,378 | 1.19% | B |
| 5BR | $1,740 | $133,734 | 1.3% | A |
U.S. Census Bureau data (2024)
970 dollars is the Fair Market Rent (FMR) for ZIP code 14301 in Niagara Falls, NY, for fiscal year 2024. This figure is crucial for landlords and investors considering the Section 8 program, as it sets the upper limit for rental agreements under this housing assistance initiative. 1,013 dollars represents the market rent, known as ZORI, indicating that the average rent for properties in this area slightly exceeds the FMR, suggesting a competitive rental market. The median home value stands at 109,139 dollars, which is relatively low compared to other areas in the United States, potentially offering good investment opportunities for those looking to enter the real estate market at an affordable price point. 54.1 percent of the residents in ZIP 14301 are renters, highlighting a significant demand for rental properties in the area. With a median income of 34,549 dollars, many households may rely on assistance programs such as Section 8 to afford housing. Despite the low median income, there is no available data for days on market (DOM), which could imply that homes are either quickly rented or sold, or that the market is stable without significant fluctuations in listing times. The price-cut share is only 0.1 percent, demonstrating that landlords rarely need to reduce their asking prices to attract tenants, indicating a strong and consistent rental market.
Based on these figures, the Section 8 program in ZIP 14301 appears to be a viable option for landlords and small-portfolio investors, given the alignment between FMR and market rents, coupled with a high renter share and low median home values. The verdict for Section 8 participation in this area is positive, as it can provide a steady stream of tenants and help maintain occupancy rates.
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.