Location: Cattaraugus 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 | $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 | $162,387 | 0.62% | D |
| 3BR | $1,280 | $168,851 | 0.76% | D |
| 4BR | $1,450 | $180,983 | 0.8% | C |
U.S. Census Bureau data (2024)
The ZIP code 14737, located in Franklinville, NY, stands out within Cattaraugus County due to its unique demographic and economic characteristics. With a population of 4,376, it has a relatively low rental rate at 13.3%, indicating that most residents prefer homeownership. The median household income of $60,270 suggests a moderate level of financial stability among its inhabitants. Furthermore, the median home value of $154,601 reflects the affordability and desirability of owning property in this area.
In terms of Section 8 housing vouchers, the data reveals an interesting opportunity. The Fair Market Rent (FMR) for the metro area in fiscal year 2026 is set at $1,000, while the actual market rent, according to the Census American Community Survey (ACS), is $841. This $159 difference means that landlords accepting Section 8 vouchers can potentially receive higher rent payments than the local market rate, making it a financially attractive option for those willing to participate in the program. The gap between FMR and market rent indicates a strong incentive for landlords to consider Section 8 tenants, as they could benefit from the higher subsidy rates without significantly increasing their property's market value.
Evaluating the overall data signature of ZIP 14737, it appears to be stable rather than transitional. The modest rental rate and median income suggest a community where homeownership is the norm, and there isn't a significant trend towards change in these metrics. Additionally, the median home value being lower than the FMR implies that the housing stock is generally affordable, which supports the notion of a stable environment. For small-portfolio investors and landlords, this stability provides a predictable and consistent investment climate, making Franklinville a reliable location for long-term real estate holdings.
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.