Location: Cattaraugus County, NY | Metro: Cattaraugus 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 | $740 |
| 1 Bedroom | $790 |
| 2 Bedrooms | $1,010 |
| 3 Bedrooms | $1,280 |
| 4 Bedrooms | $1,450 |
| 5 Bedrooms | $1,682 |
| 6 Bedrooms | $1,884 |
| 7 Bedrooms | $2,035 |
| 8 Bedrooms | $2,137 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,010 | $170,472 | 0.59% | F |
| 3BR | $1,280 | $170,615 | 0.75% | D |
| 4BR | $1,450 | $197,862 | 0.73% | D |
U.S. Census Bureau data (2024)
The median income in ZIP code 14719, located in Cattaraugus, NY, stands at $62,188. The market rate for rent is reported at $726 according to the Census ACS. This means that a household earning the median income would spend approximately 14.2% of their annual earnings on rent alone, which translates to roughly 1.19% of monthly income dedicated to housing costs. While this figure is manageable, it represents a significant portion of disposable income.
In comparison, the Fair Market Rent (FMR) set by HUD for the metro area in fiscal year 2026 is $970. This higher benchmark indicates that the market rate in Cattaraugus is below the federal standard, suggesting potential opportunities for landlords to adjust their rental pricing without pushing tenants into financial distress.
Given that only 18.6% of the 3,448 residents are renters, the competition among landlords is relatively low. However, the affordability gap between the median income and both the market rate and FMR is substantial. For instance, the difference between the median income and the FMR is $3,548 annually, which could be a barrier for some households seeking housing.
Landlords considering their strategy between accepting vouchers versus relying on cash-paying tenants should note that the voucher payment standard of $970 aligns closer with the FMR. This suggests that voucher recipients might have more purchasing power relative to local incomes. Accepting vouchers can stabilize occupancy rates and ensure a steady stream of income, even if it is slightly lower than market rates.
However, landlords must also consider the administrative requirements and potential delays associated with voucher programs. A household earning the median income might struggle to cover additional costs such as utilities and maintenance fees, making them less likely to qualify for vouchers and more reliant on cash payments. Landlords should weigh these factors carefully, understanding that while the market rate is lower, it is more affordable for local residents.
The takeaway for landlords is to evaluate the balance between voucher acceptance and cash-paying tenants based on their individual property management goals and the local economic context. Given the low percentage of renters and the significant affordability gap, landlords who accept vouchers could attract a stable tenant base willing to pay the federally subsidized rate, ensuring consistent income and reducing vacancy risks.
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.