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 | $770 |
| 1 Bedroom | $780 |
| 2 Bedrooms | $1,010 |
| 3 Bedrooms | $1,250 |
| 4 Bedrooms | $1,610 |
| 5 Bedrooms | $1,868 |
| 6 Bedrooms | $2,092 |
| 7 Bedrooms | $2,259 |
| 8 Bedrooms | $2,372 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,010 | $145,228 | 0.7% | D |
| 3BR | $1,250 | $144,666 | 0.86% | C |
| 4BR | $1,610 | $151,101 | 1.07% | B |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 14711, Belfast, NY, stands at $970 for the metro area fiscal year 2026. This figure represents the payment standard set by the U.S. Department of Housing and Urban Development (HUD) for Section 8 housing assistance in the area. It is important to note that this does not mean you will receive $970 as rent; rather, it is the maximum amount HUD will pay toward your tenant's rent.
To put this into perspective, the average rent for the same area, according to the Census Bureau's American Community Survey (ACS), is $568. This indicates that the Section 8 payment standard is significantly higher than the local average rent, potentially offering a better financial return for landlords willing to participate in the program.
The 13.8% share of renters in Belfast, NY, suggests a moderate demand for rental properties. However, given the lower average rent compared to the Section 8 payment standard, there is likely a strong interest among eligible tenants for Section 8 rentals, making it easier to fill your property.
When acquiring a rental property in this area, expect an average price of around $131,623. This is based on the median home value, which gives you a good benchmark for what you might pay for a property. With the FMR being higher than the local average rent, the potential exists for a positive cash flow if you manage your expenses effectively.
Before deciding to enter the Section 8 market, ensure that your property meets all the necessary inspection criteria. HUD requires that all units participating in the Section 8 program pass a thorough inspection to meet minimum housing quality standards. Failure to comply can result in penalties or disqualification from the program.
In summary, the FMR of $970 offers a higher payment standard than the local average rent of $568, and with a 13.8% renter share, there is a steady demand for rental properties. The median home value of $131,623 makes property acquisition feasible, but remember to verify that your property meets HUD's inspection requirements to avoid any issues.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-07-31). 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.