Location: Rochester, NY | Metro: Rochester, NY MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,030 |
| 1 Bedroom | $1,170 |
| 2 Bedrooms | $1,450 |
| 3 Bedrooms | $1,750 |
| 4 Bedrooms | $1,920 |
| 5 Bedrooms | $2,227 |
| 6 Bedrooms | $2,494 |
| 7 Bedrooms | $2,694 |
| 8 Bedrooms | $2,829 |
To profile ZIP code 14410 for Section 8 tenants, we must first acknowledge that there is limited data available regarding population size, percentage of renters, and median household income. This lack of specific figures makes it challenging to provide a detailed analysis. However, based on the information provided, we can infer some key points.
The Fair Market Rent (FMR) for ZIP 14410 is set at $1340 for fiscal year 2024. This figure represents the maximum amount that a Section 8 tenant can pay towards their housing costs. It is crucial for landlords and small-portfolio investors to understand how this compares to the local rental market.
Without precise data on the median household income, it's difficult to determine the exact percentage of income that goes towards rent. However, if we assume that the median household income is lower than the national average, then the $1340 voucher limit would likely represent a significant portion of a tenant's monthly income. In areas where median incomes are below the national average, it's common for renters to spend upwards of 30-50% of their income on housing.
Given the unknown percentage of renters in ZIP 14410, it's unclear whether this is a predominantly renter-heavy area or one with a higher concentration of homeowners. If the percentage of renters is high, this suggests a strong potential for Section 8 tenants who rely on vouchers for housing assistance. Conversely, if homeownership is more prevalent, the number of voucher holders might be lower, indicating less demand for subsidized rental units.
In terms of market rent, if the typical rent in ZIP 14410 exceeds the FMR of $1340, then landlords may need to adjust their expectations for rental income from Section 8 tenants. They should consider the possibility of renting units at or slightly above the FMR to attract these tenants effectively.
A landlord in ZIP 14410 should expect tenants who are reliant on government subsidies to cover a substantial part of their rent. These tenants will have a fixed amount they can contribute, which is determined by the voucher program. Therefore, landlords must ensure that their rental properties meet the quality standards required by the Housing Choice Voucher program to qualify for participation.
While specific figures are missing, the analysis indicates that landlords in ZIP 14410 should focus on properties that can be rented affordably, aligning closely with the FMR. They should also prepare for a tenant base that includes individuals and families dependent on Section 8 vouchers, emphasizing the importance of compliance with HUD regulations and maintaining property standards.
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.