Location: Rochester, NY | Metro: Rochester, NY MSA
| 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 |
U.S. Census Bureau data (2024)
ZIP code 14585, located within the Rochester, NY MSA, presents a unique profile compared to typical ZIP codes in the region. The Fair Market Rent (FMR) for 14585 stands at $1070 for fiscal year 2024. This figure serves as an important benchmark for understanding the rental landscape within the area.
While the market rent and home value data for 14585 are currently unavailable, we can make some inferences based on the available information. The FMR of $1070 suggests that this ZIP code could be considered a value pocket within the Rochester, NY MSA. This is because FMRs are typically lower than market rents, indicating that 14585 might offer rental properties at a more affordable rate compared to other areas in the metro.
The 23.4% renter share in 14585 is another critical metric. In general, higher renter shares can indicate a greater demand for rental properties, which is particularly relevant for landlords and small-portfolio investors. If 14585's renter share is significantly higher than the average for the Rochester, NY MSA, it could signal a strong presence of renters who might be eligible for Section 8 housing assistance, thus creating a favorable environment for landlords who participate in such programs.
To determine if 14585 is indeed a value pocket or a premium sub-market, it would be beneficial to compare its FMR against the broader MSA averages. If the FMR of $1070 is notably below the MSA average, it further supports the notion that 14585 is a value pocket where rental prices are more attractive to low-income households seeking assistance through Section 8. Conversely, if the FMR aligns closely with the MSA average, 14585 would likely be categorized as a mid-tier neighborhood.
Given the high renter share and the potential for lower rental costs, landlords in 14585 should consider participating in the Section 8 program to attract tenants who might otherwise struggle to find affordable housing. This could lead to a stable tenant base and steady rental income, especially if the ZIP code's characteristics align with the preferences of Section 8 participants.
It is worth noting that without specific market rent and home value data for both 14585 and the broader MSA, definitive conclusions about its classification as a value pocket, mid-tier neighborhood, or premium sub-market cannot be made. However, the current data suggest that 14585 has the potential to be an advantageous location for those interested in Section 8 investments.
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.