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 | $1,050 |
| 1 Bedroom | $1,070 |
| 2 Bedrooms | $1,270 |
| 3 Bedrooms | $1,550 |
| 4 Bedrooms | $1,760 |
| 5 Bedrooms | $2,042 |
| 6 Bedrooms | $2,287 |
| 7 Bedrooms | $2,470 |
| 8 Bedrooms | $2,594 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $1,070 | $110,942 | 0.96% | C |
| 2BR | $1,270 | $163,037 | 0.78% | D |
| 3BR | $1,550 | $215,577 | 0.72% | D |
| 4BR | $1,760 | $246,942 | 0.71% | D |
| 5BR | $2,042 | $293,194 | 0.7% | D |
U.S. Census Bureau data (2024)
The ZIP code 14304, located in Niagara Falls, NY, presents a complex rental market scenario for both tenants and landlords. The median household income stands at $66,660, which is crucial when considering the affordability of the average market rent of $1,311 per month (ZORI).
To put this into perspective, let’s compare it to the federal payment standard of $1,020 for the fiscal year 2024 (FMR). This means that households participating in the Section 8 program can receive up to $1,020 per month to cover their rent. However, the market rate of $1,311 exceeds this amount by $291.
The affordability gap is significant, especially given that only 24.9% of the 29,208 residents are renters. This limited pool of potential tenants could increase competition among landlords for those who can afford the higher market rates. For those relying on Section 8 vouchers, finding housing that fits within the $1,020 limit will be challenging due to the high market rate.
Landlords in ZIP 14304 must consider these factors when deciding between accepting voucher payments or focusing on cash-paying tenants. Accepting vouchers ensures a steady, government-backed income but limits the pool of available tenants to those whose rent is subsidized. On the other hand, targeting cash-paying tenants allows landlords to potentially charge the full market rate of $1,311, but they must be prepared to compete with other landlords for the relatively smaller number of renters who can afford this rate.
The takeaway for landlords is clear: understanding the dynamics of the local rental market and the financial capabilities of your tenant base is essential. Landlords should weigh the benefits of guaranteed payments from vouchers against the possibility of higher rents from cash-paying tenants. Given the median income and the disparity between ZORI and FMR, landlords might benefit from a mixed strategy, offering some units at voucher-friendly rates while keeping others available for those willing to pay the market rate.
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.