Location: Genesee County, NY | Metro: Rochester, 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 | $1,180 |
| 2 Bedrooms | $1,480 |
| 3 Bedrooms | $1,790 |
| 4 Bedrooms | $1,960 |
| 5 Bedrooms | $2,274 |
| 6 Bedrooms | $2,547 |
| 7 Bedrooms | $2,751 |
| 8 Bedrooms | $2,889 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,480 | $218,466 | 0.68% | D |
| 3BR | $1,790 | $335,437 | 0.53% | F |
| 4BR | $1,960 | $389,617 | 0.5% | F |
| 5BR | $2,274 | $431,625 | 0.53% | F |
U.S. Census Bureau data (2024)
Skeptical investors considering Churchville, NY (ZIP 14428), might question whether the Fair Market Rent (FMR) of $1,430 for the fiscal year 2024 can adequately cover the mortgage on a home valued at $323,054. While the FMR provides a benchmark for rental pricing, it does not directly correlate to mortgage coverage. The average mortgage payment in the area is influenced by factors such as interest rates and down payments. To make an informed decision, investors should calculate their expected monthly mortgage costs based on current interest rates and compare them to the FMR.
Another concern could be the relatively low percentage of renters in the area, which stands at 14.5%. This figure suggests that the majority of residents prefer homeownership over renting. However, the presence of renters willing to pay the FMR indicates a steady demand for rental properties at this price point. It's also worth noting that the rental market dynamics can change with economic shifts, population growth, or changes in housing preferences.
A final objection might revolve around the ability of Housing Choice Vouchers to keep up with market rents, currently estimated at $1,126. The voucher amount is determined by HUD and is adjusted annually based on local market conditions. In Churchville, NY, the FMR of $1,430 is higher than the current market rent, which implies that voucher holders have the potential to cover more of the rent. However, the exact pace at which voucher amounts increase must be monitored to ensure they remain competitive with market rates.
To summarize, while the FMR of $1,430 provides a solid basis for rental pricing in ZIP 14428, investors must perform detailed financial planning to assess mortgage coverage. The 14.5% renter rate suggests a smaller but stable rental market, and the potential for vouchers to keep pace with market rents is positive, though ongoing monitoring is recommended.
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.