Location: Yates County, NY | Metro: Yates County, NY
| Unit Size | Monthly FMR |
|---|---|
| Studio | $710 |
| 1 Bedroom | $780 |
| 2 Bedrooms | $1,010 |
| 3 Bedrooms | $1,320 |
| 4 Bedrooms | $1,700 |
| 5 Bedrooms | $1,972 |
| 6 Bedrooms | $2,209 |
| 7 Bedrooms | $2,386 |
| 8 Bedrooms | $2,505 |
U.S. Census Bureau data (2024)
27.0% of residents in ZIP code 14527, Penn Yan, NY, are renters, indicating a significant portion of the population relies on rental housing. This demographic characteristic is crucial for landlords and small-portfolio investors looking to understand the local market dynamics. The $321,117 median home value suggests a moderate housing market, neither extremely expensive nor cheap, which can be beneficial for maintaining steady rental rates. The $813 market rent, according to Census ACS data, reflects the average monthly rent paid by tenants in the area, providing a benchmark for setting competitive rental prices.
$1050 is the Fair Market Rent (FMR) for ZIP 14527 as of fiscal year 2024, established by HUD for Section 8 vouchers. This figure is higher than the market rent, offering a potential opportunity for landlords to receive higher rents through the Section 8 program. Given the $70,758 median income in the area, many households may qualify for assistance under the Section 8 program, increasing the pool of potential tenants. While the day DOM (Days on Market) and the percentage of price-cut share are not available, these missing metrics typically indicate either a stable market or a lack of significant fluctuations in property values and rental demand.
In summary, with 27.0% of the population renting and a median income of $70,758, the demand for affordable housing in Penn Yan, NY, is substantial. The discrepancy between the market rent ($813) and the Section 8 FMR ($1050) presents an attractive proposition for landlords. Investors should consider the benefits of participating in the Section 8 program to ensure a steady stream of tenants and potentially higher rental income. The verdict for Section 8 participation in ZIP 14527 is positive, given the alignment of local demographics and financial conditions with the program's offerings.
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.