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 |
The median household income in ZIP 14430 (Clarkson, NY) is $39,430, which has increased by 17.7% over the past five years. The median rent in this area stands at $1,095, having risen by 24.7% over the same period. Comparing this to the voucher payment standard of Fair Market Rent (FMR) $1340 for zip 14430 in fiscal year 2024, there is a significant gap in affordability.
A household earning the median income would find it challenging to afford the market rate rent of $1,095, let alone the FMR of $1340. This disparity suggests that many renters might struggle to pay market rates without financial assistance, making the area attractive for those utilizing housing vouchers.
The affordability gap means that landlords in ZIP 14430 will face competition from properties that accept vouchers. Given the median rent is significantly lower than the voucher standard, landlords who accept vouchers could attract a stable tenant base willing to pay the higher FMR rate.
Takeaway: Landlords considering their strategy should weigh the benefits of accepting vouchers against the potential for higher, guaranteed rents. While cash-paying tenants may be harder to find due to the high cost relative to income, voucher tenants can offer a more secure and stable income stream, aligning with the economic realities of the area.
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.