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 |
The analysis of ZIP code 14646 within the Rochester, NY MSA reveals several key points for landlords and small-portfolio investors.
First, regarding the rent math, the Fair Market Rent (FMR) for ZIP 14646 in fiscal year 2024 is set at $1340. This figure represents the maximum amount that a household earning 80% of the area's median income can afford for housing costs, including rent and utilities. However, without specific market rent data, it's challenging to directly compare the FMR against actual rental rates in the area. The lack of precise market rent figures means we cannot conclusively state whether the rent math works based on current data.
Second, the acquisition cost analysis is hampered by the absence of critical data points such as the median home value, days on market (DOM), and the percentage of homes needing price cuts. These metrics would typically help determine if purchasing properties in ZIP 14646 is financially viable for landlords looking to acquire new units. Without these specifics, it's difficult to provide a definitive assessment on affordability.
Third, tenant demand appears to be a mixed bag due to the incomplete data. While the population size is not specified, the percentage of renters in the area is unknown. Typically, a higher renter share indicates stronger demand for rental properties, which could support higher occupancy rates and potentially justify investment in the area. However, the exact numbers needed to make this determination are missing.
In summary, while the Fair Market Rent for ZIP 14646 is clearly defined at $1340, making it a useful benchmark, the lack of detailed market rent, median home value, DOM, price-cut share, and population data complicates a thorough analysis. Investors should seek additional local market intelligence to fill these gaps before committing resources to this ZIP code.
Data Sources: FMR data from HUD (2027).
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.