Location: Rochester, NY | Metro: Rochester, NY MSA
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 | $1,080 |
| 1 Bedroom | $1,210 |
| 2 Bedrooms | $1,520 |
| 3 Bedrooms | $1,820 |
| 4 Bedrooms | $2,000 |
| 5 Bedrooms | $2,320 |
| 6 Bedrooms | $2,598 |
| 7 Bedrooms | $2,806 |
| 8 Bedrooms | $2,946 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,520 | $260,199 | 0.58% | F |
| 3BR | $1,820 | $317,428 | 0.57% | F |
| 4BR | $2,000 | $390,101 | 0.51% | F |
| 5BR | $2,320 | $468,295 | 0.5% | F |
U.S. Census Bureau data (2024)
The Spencerport, NY area (ZIP 14559) presents an interesting opportunity for Section 8 investors. The HUD Fair Market Rent (FMR) for the region in fiscal year 2024 is set at $1480, while the market rent, as indicated by ZORI (Zillow's estimate of the average rental rate), stands at $1610. This means that landlords accepting Section 8 vouchers will experience marginal cash flow, with a shortfall of $130 per unit compared to market rates.
To further analyze the investment potential, consider the median home value in Spencerport, which is $319,473. This gives us a rent-to-price ratio of approximately 0.5%, calculated by dividing the annual rent ($1610 * 12 months) by the median home value. A low rent-to-price ratio suggests that Spencerport may favor homeownership over renting, but it also indicates that rental properties can offer competitive returns relative to property values.
The dynamics between renting and buying are significant in this market, though specific data on days on market (DOM) and percentage of price cuts are not available. However, given the relatively low rent-to-price ratio, it is likely that voucher tenants will only cash flow positively with premium units that command higher rents. For instance, a unit renting at $1700 would provide a positive cash flow of $220 above the FMR, assuming the unit meets quality standards for premium pricing.
In conclusion, the strongest investor angle in Spencerport is stability. With a consistent HUD FMR and a modest gap between voucher rates and market rents, investors can expect reliable cash flow from Section 8 tenants, especially in well-maintained, higher-end units. Stability in rental income and tenant turnover makes this market attractive for long-term investments.
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.