Location: Allegany County, NY | Metro: Allegany County, NY
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 | $840 |
| 1 Bedroom | $850 |
| 2 Bedrooms | $1,110 |
| 3 Bedrooms | $1,370 |
| 4 Bedrooms | $1,760 |
| 5 Bedrooms | $2,042 |
| 6 Bedrooms | $2,287 |
| 7 Bedrooms | $2,470 |
| 8 Bedrooms | $2,594 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,110 | $132,197 | 0.84% | C |
| 3BR | $1,370 | $157,061 | 0.87% | C |
| 4BR | $1,760 | $170,462 | 1.03% | B |
U.S. Census Bureau data (2024)
ZIP code 14709, located in Angelica, NY, stands out within Allegany County due to its unique demographic and economic characteristics. With a total population of 1,201 residents, the area has a relatively low rental rate at 17.2%, indicating that most residents own their homes. The median income for households in this ZIP is $53,889, which is modest compared to many urban areas but sufficient for the local cost of living. Notably, the median home value in Angelica is $132,688, reflecting the affordability of homeownership in this rural setting.
Moving into the specifics of Section 8 voucher economics, the Fair Market Rent (FMR) for the metro area for fiscal year 2026 is set at $1,070. This figure is significantly higher than the actual market rent of $605, based on Census ACS data. This discrepancy suggests that landlords who accept Section 8 vouchers in Angelica can potentially receive above-market rents, making it an attractive option for property owners looking to maximize their rental income. The gap between FMR and market rent also indicates that there is ample room for landlords to negotiate and possibly increase their rental rates without deterring tenants who rely on housing assistance.
Considering the overall data signature, ZIP 14709 appears to be a stable community with a strong preference for homeownership and a modest yet steady income level. The relatively low rental rate and the substantial difference between FMR and market rent suggest that the area is well-suited for landlords who wish to participate in the Section 8 program, as they can benefit from receiving higher rents than those typically found in the local market. Given these factors, the ZIP code presents a consistent environment for investment, with limited signs of significant transition or change in the near future.
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.