Location: Yates County, NY | Metro: Yates County, NY
Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)
| Unit Size | Monthly FMR |
|---|---|
| Studio | $960 |
| 1 Bedroom | $1,060 |
| 2 Bedrooms | $1,360 |
| 3 Bedrooms | $1,690 |
| 4 Bedrooms | $2,020 |
| 5 Bedrooms | $2,343 |
| 6 Bedrooms | $2,624 |
| 7 Bedrooms | $2,834 |
| 8 Bedrooms | $2,976 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,360 | $290,477 | 0.47% | F |
| 3BR | $1,690 | $312,962 | 0.54% | F |
| 4BR | $2,020 | $386,635 | 0.52% | F |
U.S. Census Bureau data (2024)
The ZIP code 14507 encompasses a portion of Middlesex, NY, which is characterized by a relatively small population of 1,292 residents. Only 8.6% of these residents are renters, indicating a predominantly owner-occupied community. The median household income in this area stands at $77,273, reflecting a comfortable standard of living. Median home values in ZIP 14507 are notably high at $286,065, suggesting a robust housing market and a preference for homeownership among the local populace.
Turning to the economic dynamics of rental properties, the Fair Market Rent (FMR) for ZIP 14507 for fiscal year 2024 is set at $970. This figure represents the benchmark for rental units eligible under the Section 8 Housing Choice Voucher program. In contrast, the average market rent for the area, according to the Census Bureau's American Community Survey (ACS), is significantly higher at $1,750 per month. This substantial gap between the FMR and the market rent underscores the potential financial challenges for landlords operating in this space, particularly those relying solely on Section 8 vouchers.
The disparity between the FMR and the market rent makes ZIP 14507 less suitable for hands-off Section 8 operators looking for straightforward investment opportunities. Instead, it aligns better with hands-on value-add buyers who can leverage the higher market rents to improve their returns. These investors would need to consider the relatively low percentage of renters and the high median home value when assessing the viability of their investment strategies. For those willing to actively manage their properties and possibly enhance them to command higher rents, ZIP 14507 presents a viable opportunity despite the limitations posed by the lower FMR.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-08-31). 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.