Location: Rochester, NY | Metro: Rochester, NY MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,510 |
| 1 Bedroom | $1,700 |
| 2 Bedrooms | $2,130 |
| 3 Bedrooms | $2,560 |
| 4 Bedrooms | $2,810 |
| 5 Bedrooms | $3,260 |
| 6 Bedrooms | $3,651 |
| 7 Bedrooms | $3,943 |
| 8 Bedrooms | $4,140 |
U.S. Census Bureau data (2024)
The analysis of ZIP code 14614 within the Rochester, NY MSA highlights several key points for landlords and small-portfolio investors.
The rent math does not work in favor of landlords. The Fair Market Rent (FMR) set at $1,240 for fiscal year 2024 is below the market rent of $1,394 as reported by the Census ACS. This means that landlords receiving Section 8 vouchers will be renting units below the market rate, reducing their profitability.
Acquisition in this area is challenging due to limited data on median home values, days on market (DOM), and the percentage of homes that have been price-cut. Without these figures, it's difficult to assess the affordability of buying properties in the ZIP code. However, the lack of detailed acquisition metrics suggests that the market might be less transparent or more volatile than other areas.
Tenant demand is strong in ZIP 14614. With a total population of 1,158, and a renter share of 91.4%, the majority of residents are likely seeking rental accommodations. This high demand for rentals indicates that there is a robust market for landlords willing to operate within the constraints of Section 8.
Verdict: While the rent math does not favor landlords due to the discrepancy between FMR and market rents, the strong tenant demand makes ZIP 14614 a viable option for those willing to participate in the Section 8 program. The lack of affordability metrics for property acquisition suggests that purchasing may require additional research into local real estate trends. Despite these challenges, the high proportion of renters ensures a stable tenant base, which can be attractive for long-term investment strategies.
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.