Location: Wyoming County, NY | Metro: Wyoming County, NY
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 | $860 |
| 1 Bedroom | $870 |
| 2 Bedrooms | $1,010 |
| 3 Bedrooms | $1,340 |
| 4 Bedrooms | $1,700 |
| 5 Bedrooms | $1,972 |
| 6 Bedrooms | $2,209 |
| 7 Bedrooms | $2,386 |
| 8 Bedrooms | $2,505 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,010 | $169,382 | 0.6% | F |
| 3BR | $1,340 | $200,255 | 0.67% | D |
| 4BR | $1,700 | $219,466 | 0.77% | D |
U.S. Census Bureau data (2024)
ZIP code 14427, located in Castile, NY, within the Wyoming County, NY metro area, presents an interesting case when compared to typical ZIP codes in the same county. The Fair Market Rent (FMR) for the area is set at $970 for fiscal year 2026, while the actual market rent stands at $723. This indicates that the market rent is below the federally established FMR, suggesting a potential opportunity for landlords who can offer properties at or slightly above the market rate but still within the FMR guidelines.
The median home value in ZIP 14427 is $176,070, which is a key figure to consider. In comparison to other ZIP codes within Wyoming County, this figure could either represent a value pocket or a mid-tier neighborhood, depending on the average home values of the surrounding areas. However, given the lower market rent, it's plausible that this ZIP code could be seen as a value pocket, where housing costs are relatively low compared to the FMR.
A significant point of interest is the 26.5% renter share in ZIP 14427. This percentage is higher than the national average, indicating a strong demand for rental properties. High renter share combined with below-metro home values often signifies a sweet spot for Section 8 investors. This suggests that the area could attract a substantial number of renters who qualify for Section 8 housing assistance, making it an attractive location for landlords looking to participate in the program.
To summarize, ZIP 14427 appears to be a value pocket within the Wyoming County, NY metro area. The lower market rent of $723, compared to the FMR of $970, along with a higher-than-average renter share, makes it a favorable location for landlords interested in Section 8 properties. The median home value of $176,070 supports this assessment, as it is likely below the average for the region, further enhancing the attractiveness of the area for both investment and rental purposes.
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.