Location: Rochester, NY | Metro: Rochester, NY MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,200 |
| 1 Bedroom | $1,350 |
| 2 Bedrooms | $1,690 |
| 3 Bedrooms | $2,030 |
| 4 Bedrooms | $2,240 |
| 5 Bedrooms | $2,598 |
| 6 Bedrooms | $2,910 |
| 7 Bedrooms | $3,143 |
| 8 Bedrooms | $3,300 |
U.S. Census Bureau data (2024)
The ZIP code 14604 presents a unique balance between yield and stability, making it an attractive option for landlords and small-portfolio investors. The Fair Market Rent (FMR) for the fiscal year 2024 is set at $1,550, which is notably lower than the current market rent of $1,721. This indicates a potential for higher-than-average rental yields, as properties can be rented out above the FMR without being considered unreasonably priced.
Stability is also a significant factor in this ZIP code. With a robust 98.6% of residents identifying as renters, there is a strong demand for rental housing that is unlikely to fluctuate significantly. Additionally, the median household income of $52,105 suggests that tenants have a reasonable ability to pay rent consistently. However, the lack of data regarding the average number of days on the market (DOM) means that while there is a high concentration of renters, the ease of finding new tenants cannot be fully assessed.
The absence of home value data complicates a full analysis of the potential for property appreciation. Nevertheless, the combination of a healthy rental market and a slightly elevated market rent compared to the FMR points towards a steady cash flow opportunity. Landlords can expect reliable monthly income, though the potential for rapid appreciation or flipping based on current data is unclear.
In summary, ZIP 14604 leans more towards a steady cash flow zone rather than a high-yield/low-stability flip-style market. The key figures driving this conclusion are the high percentage of renters, the median income level, and the favorable gap between the FMR and market rents. These factors suggest a stable tenant base and consistent rental income, without the speculative upside often associated with flipping properties in less stable markets.
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.