Location: Yates County, NY | Metro: Yates County, NY
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,110 |
| 1 Bedroom | $1,220 |
| 2 Bedrooms | $1,590 |
| 3 Bedrooms | $2,060 |
| 4 Bedrooms | $2,660 |
| 5 Bedrooms | $3,086 |
| 6 Bedrooms | $3,456 |
| 7 Bedrooms | $3,732 |
| 8 Bedrooms | $3,919 |
U.S. Census Bureau data (2024)
The rental landscape in ZIP code 14415, with a median income of $114,028, presents an interesting scenario for both renters and landlords. The market rate for rentals is currently unavailable, which makes it challenging to assess the overall affordability of housing in this area. However, the Fair Market Rent (FMR) for the zip code for fiscal year 2024 is set at $1070. This figure serves as a benchmark for voucher payments under the Section 8 program.
Given the low number of renters—only 0.0%—and a total population of 77, it is evident that the rental market in ZIP 14415 is quite limited. The scarcity of renters suggests a highly competitive environment for landlords who are looking to attract tenants. In such a setting, the affordability gap becomes a critical factor. Households earning the median income could potentially afford higher rents than the FMR, but the absence of specific market rates complicates this analysis.
The takeaway for landlords considering their strategy on whether to accept Section 8 vouchers or focus on cash-paying tenants is clear. While the voucher payment standard is fixed at $1070, the limited rental market means that landlords have a unique opportunity to charge above the FMR if they can secure cash-paying tenants. However, the low number of renters indicates that finding these tenants might be difficult. Landlords should weigh the benefits of steady, government-backed rental income from voucher holders against the potential for higher rents from cash-paying tenants, keeping in mind the competitive nature of the local rental market.
Data Sources: FMR data from HUD (2027). 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.