Location: Rochester, NY | Metro: Rochester, NY MSA
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 | $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 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,420 | $167,873 | 0.85% | C |
| 3BR | $1,710 | $199,246 | 0.86% | C |
| 4BR | $1,880 | $213,011 | 0.88% | C |
U.S. Census Bureau data (2024)
The economics of Section 8 in ZIP code 14517, located in Nunda, NY within Livingston County, operate under specific financial guidelines that can affect a landlord's income. The SAFMR (Small Area Fair Market Rent) for a two-bedroom apartment in this ZIP code for fiscal year 2024 is set at $1070. This figure is crucial because it is the maximum amount that the housing authority will pay toward the rent subsidy for a unit of this size.
However, the local market rent for a two-bedroom apartment in ZIP 14517 is reported to be $855 based on Census ACS data. This lower market rent means that landlords can charge up to $1070 for a two-bedroom apartment without exceeding the SAFMR threshold, but they should be aware that the actual market conditions might limit their ability to charge this higher rate.
A Section 8 voucher works by covering most of the rent for eligible tenants, with the tenant themselves responsible for paying a portion of the rent, typically around 30% of their income. For ZIP 14517, if we assume a standard utility allowance of about $200, the total reimbursement a landlord could receive would be the sum of the tenant's portion plus the housing authority's contribution.
To illustrate, let’s consider a scenario where a tenant’s portion of the rent is $300. In this case, the housing authority would cover the difference between the tenant's payment and the SAFMR, which is $1070. Thus, the housing authority would pay $770 ($1070 - $300) toward the rent, plus the utility allowance of $200. This brings the total reimbursement to $970.
In comparison to the local market rent of $855, this means that landlords would have a surplus of $115 per month in this example. However, the exact amount varies depending on the tenant's income and the specific utility allowances provided.
The typical reimbursement gap or surplus for a two-bedroom apartment in ZIP 14517, therefore, hinges on the balance between the SAFMR, the tenant's portion of the rent, and the local market rates. Given the SAFMR of $1070 and the market rent of $855, landlords can expect a surplus when renting to Section 8 tenants, assuming the tenant's share and utility allowances remain consistent with the averages.
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.