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 Fair Market Rent (FMR) for ZIP code 14452 in Unknown, NY, for fiscal year 2024 is set at $1090. This figure represents the payment standard used by the U.S. Department of Housing and Urban Development (HUD) to determine the maximum amount that a landlord can charge for a Section 8 rental unit. It is important to note that this is not the rent that individual tenants will pay; rather, it is the ceiling for the combined tenant contribution and government subsidy.
Comparing this FMR to the local average rent, which is currently not available (N/A), would help you understand if the $1090 is competitive in the market. However, since we don't have the local average rent, let's focus on the demand for rental properties in your area. The percentage of renters in ZIP 14452 is also not available (N/A%), but typically, a higher percentage indicates greater demand for rental units, including those under Section 8.
Regarding the acquisition cost of a property in ZIP 14452, the median home value is not available (N/A). This information is crucial for understanding how much you might need to invest upfront to acquire a property suitable for Section 8 tenancy. While we lack these specifics, knowing the FMR helps you gauge the potential income you could receive from the program.
Before you decide to participate in Section 8 with your first rental in ZIP 14452, verify that your property meets all the necessary HUD standards for habitability and safety. These requirements ensure that the living conditions are adequate and that you comply with federal guidelines, which is essential for maintaining eligibility and avoiding penalties.
In summary, the FMR of $1090 sets the maximum allowable rent for a Section 8 unit in your area. Ensure your property is up to standard and consider the local rental market dynamics to make an informed decision. Participation can be a stable source of income, but compliance with regulations is non-negotiable.
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.