Section 8 Fair Market Rent (FMR) for ZIP 14532 - 2027

Location: Seneca County, NY | Metro: Rochester, NY MSA

Investment Score for ZIP 14532

Monthly Rent (2BR)

$1,420

Median Price (2BR)

$200,331

1% Rule

0.71%

Annual Yield

8.51%

Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)

FY 2027 Fair Market Rent Rates

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

Investment Analysis by Bedroom Size

Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)

Bedrooms	Monthly FMR	Median Price	1% Rule	Grade
2BR	$1,420	$200,331	0.71%	D
3BR	$1,710	$247,252	0.69%	D
4BR	$1,880	$279,410	0.67%	D

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

4,165

Median Household Income

$81,923

Housing Units

1,948

Renter Percentage

14.8%

Occupancy Rate

89.9%

Renter Occupied

260

ZIP code 14532, located in Phelps, NY, stands out within the Seneca County, NY metro area based on its specific figures. The Fair Market Rent (FMR) for 14532 in fiscal year 2024 is set at $1,070, while the average market rent is slightly higher at $1,182. This indicates that rental prices in 14532 are closely aligned with what the government deems fair for housing assistance programs.

The median home value in 14532 is $230,288, which is notably lower than many other ZIP codes in the county. Additionally, the ZIP has a 14.8% share of renters, which is a key metric for landlords and small-portfolio investors. When comparing these figures to typical ZIP codes in Seneca County, it becomes evident that 14532 represents a value pocket within the metro area.

Fair Market Rent: At $1,070, the FMR for 14532 is likely below the average for the broader Seneca County, making it an attractive location for tenants seeking affordable housing under the Section 8 program.
Market Rent: The market rent of $1,182 suggests that landlords can still achieve reasonable returns on their investments without significantly exceeding the FMR.
Home Value: With a median home value of $230,288, properties in 14532 are more affordable compared to other areas in the county, potentially offering better investment opportunities for those looking to acquire rental properties.
Renter Share: A 14.8% renter share indicates a smaller but significant portion of the population that relies on renting, which aligns well with the availability of affordable rental units.

The combination of lower home values and a moderate renter share, along with rental prices that do not greatly exceed the FMR, suggests that 14532 is particularly advantageous for landlords and small-portfolio investors interested in the Section 8 market. This ZIP code provides a balance between affordability and potential for steady rental income, making it a sweet spot for such investments.

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.