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: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,010 | $198,366 | 0.51% | F |
| 3BR | $1,250 | $236,784 | 0.53% | F |
U.S. Census Bureau data (2024)
The real estate market in Canadedea, NY (ZIP 14717) presents a unique scenario for landlords and small-portfolio investors. With a median home value of $192,729, the area offers an affordable entry point into homeownership and rental properties. The fact that there is currently no reduction in listing prices (N/A%) suggests that sellers are maintaining their asking prices, indicating a stable market where price drops are not prevalent.
The median days on market (DOM) being listed as N/A can be interpreted as a sign of either a very active market with quick sales or a less active market where fewer transactions occur, making it difficult to calculate an average. In either case, this metric should be closely monitored as it can provide insights into how quickly properties are selling, which directly impacts pricing power.
On the rental side, the Fair Market Rent (FMR) for the metro area in fiscal year 2026 is projected to be $970, while the current market rent stands at $718 based on Census ACS data. This gap signals potential upward pressure on rents, suggesting that landlords could gradually increase rental rates to align more closely with the FMR without losing tenants. The discrepancy between the current market rent and the projected FMR also highlights a growth opportunity for those willing to wait for market conditions to catch up with projections.
For long-term investors, the setup in Canadedea implies a cautious approach to appreciation expectations. While the median home value is relatively low, the lack of significant reductions in listing prices indicates stability rather than rapid appreciation. However, the potential for rental rate increases does offer a path to higher returns through rental income. Long-hold investors should focus on cash flow and property management efficiencies rather than relying heavily on capital appreciation.
The combination of stable home values and the potential for rental growth creates a balanced investment environment. Landlords can leverage the current low home values to acquire properties at favorable prices, while small-portfolio investors can benefit from steady rental income as rates move towards the FMR. This approach ensures that investments are grounded in solid fundamentals rather than speculative appreciation.
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.