Location: Rochester, NY | Metro: Rochester, NY MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,010 |
| 1 Bedroom | $1,140 |
| 2 Bedrooms | $1,420 |
| 3 Bedrooms | $1,710 |
| 4 Bedrooms | $1,880 |
| 5 Bedrooms | $2,181 |
| 6 Bedrooms | $2,443 |
| 7 Bedrooms | $2,638 |
| 8 Bedrooms | $2,770 |
The ZIP code 14429 in Rochester County, NY, presents unique challenges and opportunities for landlords and small-portfolio investors due to limited available data on its residents, rental rates, median income, and median home values. This scarcity of detailed demographic information means that the area's economic profile is somewhat opaque, making it necessary to rely on broader regional trends and specific voucher economics for insight.
Despite the lack of precise local data, the Fair Market Rent (FMR) for ZIP 14429 has been set at $1090 for fiscal year 2024. This figure is crucial for landlords who accept Section 8 vouchers, as it dictates the maximum rent allowable under the program. Without a direct comparison to the local market rate, which is marked as N/A, landlords must use this FMR as a benchmark for setting rents that align with the program's requirements.
The voucher economics in 14429 are straightforward: landlords receive a fixed amount per voucher, which is based on the $1090 FMR. This ensures a predictable revenue stream for those willing to participate in the Section 8 program. However, the absence of specific local market data makes it difficult to assess how competitive this rate is compared to non-subsidized rentals in the area.
Given the incomplete data signature for ZIP 14429, it is challenging to definitively categorize the area as either stable or transitional. Typically, areas with robust demographic data show clearer signs of stability or change. Here, the unknowns suggest a need for cautious investment strategies, emphasizing the importance of staying informed about local real estate trends and the dynamics of the Section 8 program in the region.
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.