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 | $1,010 |
| 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: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $1,140 | $154,555 | 0.74% | D |
| 2BR | $1,420 | $187,490 | 0.76% | D |
| 3BR | $1,710 | $222,645 | 0.77% | D |
| 4BR | $1,880 | $201,361 | 0.93% | C |
| 5BR | $2,181 | $198,301 | 1.1% | B |
U.S. Census Bureau data (2024)
The Section 8 market analysis for ZIP code 14609 in Rochester, NY, reveals that voucher tenants would cashflow marginally at the HUD Fair Market Rent (FMR) of $1230 for fiscal year 2024. The current market rent, as measured by Zillow's ZORI, stands at $1,551, indicating a gap between the HUD FMR and what the market demands. This suggests that landlords can expect to cover their costs but will likely have minimal profit margins when renting to voucher holders at the FMR rate.
To further analyze the investment potential, consider the median home value in the area, which is $199,251. Using this figure, we can derive the rent-to-price ratio. With an average monthly rent of $1,551, the annual rent would be approximately $18,612. Dividing this by the median home value yields a rent-to-price ratio of about 9.3%, which is relatively low. This indicates that buying a home in this area might be more financially advantageous compared to renting out properties to voucher tenants.
The dynamics of the rental market are also worth noting. The median Days on Market (DOM) is just 9 days, suggesting a high demand for rental properties in the area. Additionally, only 0.1% of listings experience price cuts, indicating that landlords who list their properties at competitive rates should see strong occupancy and limited need for concessions.
In conclusion, while the voucher tenant market in ZIP 14609 offers some cashflow opportunities, they are marginal at best. Given the low rent-to-price ratio and the strong demand for rentals, the most compelling angle for investors is stability. Landlords can expect consistent tenancy without significant risk of vacancy or the need for frequent price adjustments.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-08-31). 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.