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 |
|---|---|---|---|---|
| 1BR | $790 | $129,720 | 0.61% | D |
| 2BR | $1,010 | $174,144 | 0.58% | F |
| 3BR | $1,280 | $437,427 | 0.29% | F |
| 4BR | $1,450 | $526,531 | 0.28% | F |
| 5BR | $1,682 | $699,905 | 0.24% | F |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 14731, Ellicottville, NY, is set at $1,000 for the fiscal year 2026. This figure represents the payment standard used by the Housing Choice Voucher Program, commonly known as Section 8. It does not mean you will receive $1,000 as rent; rather, it is the maximum amount that the government will pay toward your tenant's rent.
In comparison, the average rent for the area, based on Census American Community Survey data, is $774. This indicates that the FMR is higher than the typical market rate, which can be beneficial if you're looking to cover your costs and make a profit. However, remember that the actual rent you charge could be higher than the FMR, but the voucher program will only cover up to $1,000, and the tenant would need to pay the difference out of pocket.
With a 19.1% share of renters in Ellicottville, there is a moderate demand for rental properties. This percentage suggests that nearly one in five residents are likely to be interested in renting, which includes potential Section 8 tenants. The median home value in the area is around $380,488, indicating that purchasing a property for Section 8 might be costly. However, the lower average rent suggests that the rental market may offer opportunities to acquire properties at a reasonable price.
Before making the decision to participate in the Section 8 program, ensure that your property meets the required standards. Specifically, you should verify that your unit passes the Housing Quality Standards (HQS) inspection. This is crucial because failing to meet these standards can delay the process or even disqualify your property from the program.
In summary, the $1,000 FMR provides a baseline for the government's contribution towards rent, which is higher than the local average of $774. With a 19.1% renter population, there is a steady demand for rentals. While the median home value of $380,488 might seem high, it is important to assess the local rental market and ensure your property meets the necessary standards for the Section 8 program.
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.