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 |
|---|---|---|---|---|
| 2BR | $1,420 | $109,868 | 1.29% | A |
| 3BR | $1,710 | $135,984 | 1.26% | A |
| 4BR | $1,880 | $153,636 | 1.22% | A |
| 5BR | $2,181 | $181,708 | 1.2% | A |
U.S. Census Bureau data (2024)
A skeptical investor might raise several concerns regarding the real estate market in ZIP 14613 (Rochester, NY). Let's address these concerns with the available data.
Objection 1: Will FMR $1160 (zip FY 2024) cover the mortgage on a $130,636 home?
The Fair Market Rent (FMR) for ZIP 14613 in fiscal year 2024 is set at $1160. To determine if this amount can cover the mortgage on a home priced at $130,636, we need to consider the mortgage rate and term. Assuming a standard 30-year fixed-rate mortgage with an interest rate of 4%, the monthly payment on a $130,636 home would be approximately $620. Therefore, the FMR of $1160 would comfortably cover the mortgage payment, leaving a surplus for maintenance, taxes, and insurance.
Objection 2: Is there enough renter demand at 67.5%?
Renting in ZIP 14613 is indeed popular, with 67.5% of the population being renters. According to the data from ZIP Code 14613 Info, Map, Demographics for Rochester, NY, the area has a large population density and a significant portion of the population is black or African American. These demographic factors suggest a strong and stable demand for rental properties. However, the exact percentage of the population actively seeking rentals is not specified in the provided data, so while the overall demand seems high, the precise demand for Section 8 properties remains uncertain.
Objection 3: Will vouchers keep pace with $945 market rents?
The market rent in ZIP 14613 is around $945. While the FMR is higher at $1160, it's important to note that the Section 8 voucher program aims to provide assistance to low-income families, who may not be able to afford market rates. As per the data from Buffalo housing agencies push for more Section 8 rentals in suburbs, the program has been expanding to meet the needs of families in suburban areas. However, the data does not specifically indicate whether the voucher amounts in ZIP 14613 will increase to match the $945 market rents. Landlords should monitor local housing authority announcements and trends to stay informed.
In conclusion, while the FMR provides sufficient coverage for mortgage payments on a $130,636 home, the specific demand for Section 8 properties and the future trajectory of voucher amounts remain less certain. Investors should stay vigilant regarding local market conditions and policy changes.
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.