Location: Steuben County, 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 | $1,010 |
| 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 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,420 | $166,960 | 0.85% | C |
| 3BR | $1,710 | $170,823 | 1% | B |
| 4BR | $1,880 | $173,854 | 1.08% | B |
| 5BR | $2,181 | $206,253 | 1.06% | B |
U.S. Census Bureau data (2024)
18.5% of residents in Wayland, NY (ZIP 14572) are renters, indicating a significant portion of the local population relies on rental properties. The Fair Market Rent (FMR) for the area, as set by HUD for zip FY 2024, is $1070, which provides a benchmark for rental pricing. However, the actual market rent, based on Census ACS data, stands at $915, suggesting that landlords could potentially increase their rents to align more closely with the FMR without losing tenants. With a median home value of $160,364, investing in real estate in this area remains relatively affordable compared to other regions. The median income in Wayland, NY, is $72,557, which means that the average household can afford the current market rent but may struggle with the higher FMR. This gap between what people can afford and what HUD deems fair highlights an opportunity for landlords to adjust their rents upward while still remaining competitive in the local market. Given the specific figures, landlords should consider raising rents towards the $1070 FMR level to maximize profitability. For small-portfolio investors looking to enter the market, Wayland offers a balance between affordability and potential for steady rental income. The lack of data on days on market (DOM) and the percentage of price-cut shares indicates a stable market with little fluctuation, reducing risk for investors. In conclusion, Wayland, NY, presents a favorable environment for Section 8 participation, with the HUD FMR well above the current market rent.
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.