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 | $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 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $780 | $307,366 | 0.25% | F |
| 2BR | $1,010 | $312,276 | 0.32% | F |
| 3BR | $1,320 | $324,924 | 0.41% | F |
| 4BR | $1,700 | $453,874 | 0.37% | F |
| 5BR | $1,972 | $843,561 | 0.23% | F |
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). 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.