Section 8 Fair Market Rent (FMR) for ZIP 14721 - 2027

Location: Allegany County, NY | Metro: Allegany County, NY

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$760
1 Bedroom	$790
2 Bedrooms	$1,020
3 Bedrooms	$1,260
4 Bedrooms	$1,510
5 Bedrooms	$1,752
6 Bedrooms	$1,962
7 Bedrooms	$2,119
8 Bedrooms	$2,225

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

227

Median Household Income

$40,250

Housing Units

142

Renter Percentage

28.6%

Occupancy Rate

73.9%

Renter Occupied

When considering whether to invest in ZIP code 14721 for Section 8 properties, follow this decision tree:

Does the Fair Market Rent (FMR) of $980 cover debt service on a property?
- If yes: Proceed to the next question.
- If no: Do not purchase in this area as the rental income will not be sufficient to meet financial obligations.
Is the market rent of $1,053 above, at, or below the FMR?
- If above: The area offers potential for higher returns beyond Section 8 limits, but consider if you're willing to manage both Section 8 and market-rate tenants.
- If at or below: Focus on Section 8 tenancy as it aligns with market conditions.
Are the 28.6% renters combined with an unspecified number of days Days on Market (DOM) indicative of enough demand?
- If yes: There is sufficient tenant demand to support investment in Section 8 properties. The 28.6% of residents who are renters suggests a reasonable portion of the population seeking housing assistance.
- If no: Insufficient demand exists for Section 8 properties. Consider other ZIP codes with higher percentages of renters or lower DOM to ensure a steady stream of tenants.

The decision to invest in ZIP 14721 hinges on these factors. With an FMR of $980, landlords must ensure that this amount clears their debt service costs. Given the market rent at $1,053, there's a slight premium over FMR which can be advantageous if you're prepared to handle both types of tenancy. The 28.6% of renters indicates a moderate level of demand, but the exact number of days on market is critical to determine if vacancies are likely to be short-lived.

To conclude, if the FMR covers your debt service and the market rent is high enough to attract non-Section 8 tenants, while the percentage of renters and vacancy rates suggest strong demand, then the answer is yes. Otherwise, the decision depends on the specifics of your financial situation and the exact DOM figure.

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.