Location: Wyoming County, NY | Metro: Wyoming County, NY
| Unit Size | Monthly FMR |
|---|---|
| Studio | $890 |
| 1 Bedroom | $900 |
| 2 Bedrooms | $1,040 |
| 3 Bedrooms | $1,370 |
| 4 Bedrooms | $1,740 |
| 5 Bedrooms | $2,018 |
| 6 Bedrooms | $2,260 |
| 7 Bedrooms | $2,441 |
| 8 Bedrooms | $2,563 |
U.S. Census Bureau data (2024)
A skeptical investor might question whether the Fair Market Rent (FMR) of $970 for ZIP 14549 can cover the mortgage on a home in this area. According to NextBurb, the median home value in ZIP 14549 is $137,385. This relatively low median home value means that mortgage payments are likely to be manageable. However, without specific mortgage rates, it is challenging to calculate precise mortgage costs. Still, the FMR should comfortably cover the mortgage on a typical home in this ZIP code.
The investor may also doubt the strength of renter demand at 0.0%. NextBurb reports that 45% of housing units are occupied, indicating a moderate demand for rental properties. However, the data does not provide a complete picture of the rental market dynamics in ZIP 14549. To fully assess demand, one would need to consider factors such as vacancy rates, population growth, and employment trends, which are not explicitly detailed here.
Another concern could be whether housing vouchers will keep pace with market rents in ZIP 14549. The median rent is listed as $531, which is significantly below the FMR. This suggests that vouchers may indeed cover a substantial portion of rental costs, making the area attractive for voucher holders. However, the exact pace at which vouchers adjust to market conditions is not specified in the available data, so further investigation into local HUD policies would be necessary.
In summary, while the FMR appears sufficient to cover mortgages and vouchers seem likely to support rental demand, more detailed information on mortgage rates and voucher adjustments would provide a clearer assessment of investment viability in ZIP 14549.
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.