Location: Wyoming County, NY | Metro: Wyoming 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 | $950 |
| 1 Bedroom | $960 |
| 2 Bedrooms | $1,120 |
| 3 Bedrooms | $1,470 |
| 4 Bedrooms | $1,870 |
| 5 Bedrooms | $2,169 |
| 6 Bedrooms | $2,429 |
| 7 Bedrooms | $2,623 |
| 8 Bedrooms | $2,754 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,120 | $167,273 | 0.67% | D |
| 3BR | $1,470 | $175,538 | 0.84% | C |
| 4BR | $1,870 | $188,077 | 0.99% | C |
U.S. Census Bureau data (2024)
Silver Springs, NY, located in Wyoming County, is a small community with a unique demographic profile that sets it apart from other ZIP codes. With only 1,301 residents, it has a modest population size, but 21.5% of these residents rent their homes, indicating a significant demand for rental properties. The median income in Silver Springs stands at $52,321, which is relatively low compared to national averages, while the median home value is $165,795, suggesting a stable housing market despite the lower incomes.
The economics of Section 8 vouchers in ZIP 14550 are favorable for landlords. The Fair Market Rent (FMR) for the area is set at $970 for fiscal year 2026, which is higher than the current market rent of $723 according to the Census Bureau's American Community Survey. This means that landlords can potentially charge above-market rates when accepting vouchers, thereby increasing their rental income. The gap between the FMR and the market rent indicates a strong support system for renters through government assistance, making it an attractive option for those seeking affordable housing.
The data signature for ZIP 14550 reads as stable rather than transitional. The relatively high median home value suggests that homeownership is valued in the community, and the fixed difference between the FMR and the market rent provides a predictable financial environment for landlords. This stability is further reinforced by the long-term presence of Section 8 programs, which have been a consistent feature of the local rental market.
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.