Location: Chautauqua County, NY | Metro: Chautauqua 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 | $710 |
| 1 Bedroom | $790 |
| 2 Bedrooms | $1,010 |
| 3 Bedrooms | $1,350 |
| 4 Bedrooms | $1,400 |
| 5 Bedrooms | $1,624 |
| 6 Bedrooms | $1,819 |
| 7 Bedrooms | $1,965 |
| 8 Bedrooms | $2,063 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,010 | $178,155 | 0.57% | F |
| 3BR | $1,350 | $171,811 | 0.79% | D |
U.S. Census Bureau data (2024)
With a Fair Market Rent (FMR) of $1,010 for ZIP 14723 in Cherry Creek, NY, landlords can expect to receive this amount as a reimbursement for Section 8 tenants in fiscal year 2026. The market rent, according to the Census ACS, stands at $738, indicating a premium for Section 8 participants who may secure higher-quality housing compared to the average rental rates. The median home value in the area is $161,252, which is significantly lower than what one might find in larger metropolitan areas, making it an attractive option for both buyers and investors looking for affordable entry points. Renter share in Cherry Creek is 9.9%, suggesting a modest but stable demand for rental properties. The median income in the region is $68,261, which is a critical figure for determining the eligibility of potential Section 8 tenants and ensuring a steady stream of qualified applicants. Although the Days on Market (DOM) and the percentage of price-cut share are not available, the data still provides a comprehensive overview of the rental market dynamics. Given the higher FMR compared to the market rent, landlords in Cherry Creek can benefit from participating in the Section 8 program, securing a reliable source of income without the volatility associated with private rentals.
The discrepancy between the FMR and the market rent highlights the opportunity for landlords to offer slightly above-average accommodations while still being reimbursed at a higher rate. This can translate into better-maintained properties and potentially lower turnover rates, as tenants may prefer the stability and quality of Section 8 housing. The median home value also suggests that property acquisition costs are relatively low, allowing for a favorable investment return when considering the rental income potential. Despite the lack of detailed sales data, the existing figures point towards a balanced rental market with opportunities for steady growth.
Given the analysis of the ZIP 14723 data, the verdict on Section 8 participation is positive, offering a reliable and stable investment option for landlords and small-portfolio investors in Cherry Creek, NY.
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.