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 14453, located in XX County, stands out due to its unique economic profile. With a median household income of $52,000 and a median home value of $165,000, it reflects a middle-class community where approximately 35% of residents rent their homes. This rental rate is slightly above the national average, indicating a healthy demand for rental properties.
Turning to the voucher economics, the Fair Market Rent (FMR) for ZIP 14453 for fiscal year 2024 is set at $1270. This figure is crucial for landlords and small-portfolio investors as it represents the maximum amount that can be charged for a Section 8 voucher. While the exact market rent figures are not available, the FMR provides a benchmark for setting reasonable rental rates that align with federal guidelines.
The data suggests that ZIP 14453 has a stable housing market. The consistent rental demand and median income levels indicate a steady economic environment where the value of properties and the affordability of housing remain relatively unchanged. For investors, this stability means fewer risks and predictable returns on investment. However, the slight premium on rental rates compared to the median home value also implies that rental properties can be particularly lucrative in this area.
In conclusion, ZIP 14453 offers a balanced opportunity for landlords and investors. The economic indicators point towards a stable county ZIP, making it an attractive location for those looking to enter or expand their real estate portfolios without the volatility often associated with transitional markets.
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.