Location: Seneca County, NY | Metro: Seneca 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 | $970 |
| 1 Bedroom | $1,130 |
| 2 Bedrooms | $1,400 |
| 3 Bedrooms | $1,880 |
| 4 Bedrooms | $2,340 |
| 5 Bedrooms | $2,714 |
| 6 Bedrooms | $3,040 |
| 7 Bedrooms | $3,283 |
| 8 Bedrooms | $3,447 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,400 | $390,577 | 0.36% | F |
| 3BR | $1,880 | $366,777 | 0.51% | F |
| 4BR | $2,340 | $417,654 | 0.56% | F |
U.S. Census Bureau data (2024)
Romulus, NY, located in ZIP code 14541, is a modest-sized community with a total population of 3,713 residents. The area has a relatively low percentage of renters at 27.5%, indicating that homeownership is more prevalent. The median household income stands at $77,375, which suggests a middle-class neighborhood where most residents have stable financial situations. The median home value in the area is $350,082, reflecting a moderate cost of living and a typical suburban setting.
Moving into the economic landscape for rental properties, the Fair Market Rent (FMR) set by the U.S. Department of Housing and Urban Development for the metro area in fiscal year 2026 is $1,420. This figure contrasts with the actual market rent reported by the Census Bureau's American Community Survey (ACS), which is $1,294. The difference between the FMR and the market rent indicates a potential opportunity for landlords participating in the Section 8 program, as they can expect to receive higher rents through vouchers compared to the local market rate.
The dynamics of this ZIP code suggest it could be suitable for both hands-off voucher operators and hands-on value-add buyers. For hands-off operators, the higher FMR compared to the market rent means a steady stream of government-subsidized income without the need for active property management. However, for those interested in a hands-on approach, there are opportunities to enhance property values and rents, given the modest median home value and income levels that indicate room for growth. The relatively low percentage of renters also implies that there might be untapped demand for quality rental properties, making it a good target for value-add strategies aimed at increasing occupancy rates and rents.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-07-31). 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.