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 | $1,100 |
| 1 Bedroom | $1,120 |
| 2 Bedrooms | $1,330 |
| 3 Bedrooms | $1,620 |
| 4 Bedrooms | $1,850 |
| 5 Bedrooms | $2,146 |
| 6 Bedrooms | $2,404 |
| 7 Bedrooms | $2,596 |
| 8 Bedrooms | $2,726 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,330 | $123,509 | 1.08% | B |
| 3BR | $1,620 | $163,751 | 0.99% | C |
| 4BR | $1,850 | $161,060 | 1.15% | B |
| 5BR | $2,146 | $186,772 | 1.15% | B |
U.S. Census Bureau data (2024)
Investing in Section 8 properties in ZIP code 14305 of Niagara Falls, NY, presents several challenges that must be carefully considered. First, tenant turnover can be a significant issue due to the difference between the market rent of $1,183 and the Fair Market Rent (FMR) of $1,070 for FY 2024. This gap indicates that tenants may struggle to cover the additional costs, leading to higher turnover rates. Second, the vacancy exposure is a concern since the days on market (DOM) data is not available. This lack of information makes it difficult to predict how long a property might remain vacant, potentially impacting cash flow. Lastly, there is a risk of deferred maintenance given the typical home value of $145,930 and the median income of $51,044. The median income suggests that many residents may have limited financial resources, which could affect their ability to maintain rental properties properly.
However, these risks are balanced by the high renter share of 38.4%, indicating a substantial number of potential tenants who might rely on housing vouchers. A high renter density often translates into a robust demand for affordable housing, which can help stabilize occupancy rates and provide a steady stream of rental income through Section 8 programs. Additionally, the availability of housing vouchers can mitigate some of the financial pressures associated with maintaining rental properties, as the government helps cover the cost of rent.
The combination of these factors leads to a moderate risk assessment for a first-time Section 8 landlord in ZIP code 14305. While there are notable challenges, the high renter density and the presence of housing vouchers provide a reasonable buffer against vacancy and maintenance issues.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-08-31). 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.