Location: Allegany County, NY | Metro: Allegany County, NY
| Unit Size | Monthly FMR |
|---|---|
| Studio | $770 |
| 1 Bedroom | $780 |
| 2 Bedrooms | $1,010 |
| 3 Bedrooms | $1,250 |
| 4 Bedrooms | $1,620 |
| 5 Bedrooms | $1,879 |
| 6 Bedrooms | $2,104 |
| 7 Bedrooms | $2,272 |
| 8 Bedrooms | $2,386 |
U.S. Census Bureau data (2024)
22.2% of residents in ZIP code 14707 are renters, indicating a significant demand for rental properties in the area. $980 is the Fair Market Rent (FMR) for the metro area in fiscal year 2026, which serves as a benchmark for rental pricing. $46,250 is the median income for this ZIP code, suggesting that many residents qualify for housing assistance programs. While the market rent and median home value are not available, the FMR can be used to guide pricing strategies for Section 8 eligible units. The lack of data on days on market (DOM) and the percentage of price-cut shares does not provide insights into the speed of property turnover or the frequency of price adjustments, but it does not detract from the potential profitability of Section 8 rentals. Given the substantial renter share and median income levels, landlords and small-portfolio investors should focus on maintaining properties at or below the $980 FMR to attract tenants who benefit from federal subsidies. This strategy ensures a steady stream of qualified applicants without the need to compete on price alone. With the right management practices, Section 8 rentals in ZIP 14707 can offer a reliable and consistent investment opportunity.
Section 8 Verdict: ZIP 14707 presents a viable market for Section 8 rentals, with a strong tenant pool and clear rental guidelines.
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.