Location: Rochester, NY | Metro: Rochester, NY MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,030 |
| 1 Bedroom | $1,170 |
| 2 Bedrooms | $1,450 |
| 3 Bedrooms | $1,750 |
| 4 Bedrooms | $1,920 |
| 5 Bedrooms | $2,227 |
| 6 Bedrooms | $2,494 |
| 7 Bedrooms | $2,694 |
| 8 Bedrooms | $2,829 |
U.S. Census Bureau data (2024)
A skeptical investor might question whether the Fair Market Rent (FMR) of $1430 for ZIP 14627 can cover the mortgage on a home. The median home value in ZIP 14627 is not directly provided, but considering the typical mortgage payments and property values in similar areas, it is crucial to ensure that the rental income can indeed support the mortgage. Without the exact median home value, we cannot definitively state if the FMR will cover the mortgage, but it is advisable to compare the average mortgage costs against the FMR.
The rental vacancy rate in ZIP 14627 is another critical metric. While the specific vacancy rate is not provided, the presence of 1,321 rental properties suggests a robust rental market. High demand for rental properties indicates that there is likely sufficient renter demand to sustain a portfolio in this area. However, the exact vacancy rate would offer more precise insight into the competition and potential occupancy rates.
Regarding housing vouchers, the data dashboard from HUD provides national and state-level information but lacks specifics for ZIP 14627. To determine if vouchers will keep pace with market rents, one must consider the local trends and the number of voucher holders. In ZIP 14627, landlords should be aware of the local policies and the likelihood of voucher recipients finding suitable housing. The national trend shows that voucher usage has been increasing, which could imply a growing reliance on vouchers in the area, though local data would confirm this.
In summary, while the data supports a strong rental market and the potential for fair market rents to cover operational costs, the lack of specific median home value and vacancy rate figures leaves some questions unanswered. Investors should consult local real estate agents and review recent sales and rental trends to make a well-informed decision.
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.