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 |
U.S. Census Bureau data (2024)
The ZIP code 14486 stands out in terms of rental dynamics and economic indicators. With a population of 444 residents, it has a significant rental market share at 50.7%, indicating a substantial portion of the community relies on rented properties. The median income in this area is relatively high at $131,875, suggesting that residents have a strong purchasing power. However, the median home value is even higher at $234,464, which could be a barrier for those looking to buy rather than rent.
For landlords and small-portfolio investors, the Section 8 voucher program presents an opportunity. The Fair Market Rent (FMR) for ZIP 14486 is set at $1080 for the fiscal year 2024. This figure is crucial because it represents the maximum amount the government will pay towards a tenant's rent. While the market rent is not available, the FMR provides a benchmark for setting competitive rental rates that can attract voucher holders.
In evaluating the stability of ZIP 14486, the data suggests a transitional environment. The high median income alongside a substantial rental market indicates a community where residents may be in the process of saving for homeownership or are simply choosing to rent due to lifestyle preferences. The median home value being notably higher than the median income also points towards a market that might be undergoing changes, possibly influenced by external factors such as job markets, education levels, or recent developments in the area.
Given these factors, landlords should consider the FMR of $1080 as a starting point for their rental pricing strategies. This will ensure they remain competitive while potentially attracting tenants who benefit from the Section 8 program. Additionally, understanding the transitional nature of the ZIP code can help in making informed decisions about long-term investments and property management practices.
Data Sources: FMR data from HUD (2027). 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.