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 | $1,060 |
| 1 Bedroom | $1,180 |
| 2 Bedrooms | $1,520 |
| 3 Bedrooms | $2,010 |
| 4 Bedrooms | $2,090 |
| 5 Bedrooms | $2,424 |
| 6 Bedrooms | $2,715 |
| 7 Bedrooms | $2,932 |
| 8 Bedrooms | $3,079 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $2,010 | $191,890 | 1.05% | B |
U.S. Census Bureau data (2024)
In ZIP code 14740, the Section 8 housing program operates under specific economic parameters that are crucial for landlords and small-portfolio investors to understand. The SAFMR (Small Area Fair Market Rent) for a two-bedroom apartment in this ZIP code for fiscal year 2026 is set at $1,460. This figure represents the maximum amount that the housing authority will pay towards a tenant's rent if they qualify for assistance.
The local market rent for a two-bedroom unit, according to Census ACS data, averages at $1,417. This means that landlords in ZIP 14740 can expect the Section 8 voucher to cover a rent amount that is slightly above the average local market rate.
A voucher payment consists of two parts: the tenant contribution and the utility allowance. Tenants are required to contribute 30% of their adjusted income toward the rent. If a tenant has an adjusted income of $1,000 per month, their contribution would be $300. The remaining balance is covered by the voucher, up to the SAFMR limit. In addition to the rent subsidy, utility allowances are also provided. For a two-bedroom unit, the typical utility allowance is around $300.
To illustrate, if a landlord charges $1,460 for a two-bedroom apartment, and the tenant contributes $300, the voucher would cover the rest, which is $1,160. However, the total reimbursement including utilities would be $1,460. If the landlord charges less than the SAFMR, say $1,300, then the voucher would cover $1,000 plus the utility allowance, totaling $1,300. Therefore, landlords should aim to keep their rents close to the SAFMR to maximize their reimbursement.
The typical reimbursement gap or surplus in ZIP 14740 for a two-bedroom voucher is minimal given the SAFMR is just above the local market rent. Landlords can expect a slight surplus of about $43 per month, assuming they charge the SAFMR and the tenant's contribution aligns with the 30% rule. This surplus accounts for the difference between the local market rent of $1,417 and the SAFMR of $1,460.
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.