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 | $750 |
| 1 Bedroom | $800 |
| 2 Bedrooms | $1,030 |
| 3 Bedrooms | $1,290 |
| 4 Bedrooms | $1,460 |
| 5 Bedrooms | $1,694 |
| 6 Bedrooms | $1,897 |
| 7 Bedrooms | $2,049 |
| 8 Bedrooms | $2,151 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,030 | $193,380 | 0.53% | F |
| 3BR | $1,290 | $257,093 | 0.5% | F |
| 4BR | $1,460 | $313,035 | 0.47% | F |
U.S. Census Bureau data (2024)
In ZIP code 14741, which encompasses Great Valley, NY, in Cattaraugus County, the Section 8 program operates under specific economic guidelines. The SAFMR (Small Area Fair Market Rent) for a two-bedroom apartment in this ZIP code for fiscal year 2026 is set at $1,000. This SAFMR figure is crucial as it determines the maximum amount that the Housing Choice Voucher Program will pay towards a tenant's rent.
The local market rent for a two-bedroom apartment in this area is slightly higher, at $1,125, according to the Census ACS data. This difference between the SAFMR and the local market rent is an important consideration for landlords who wish to participate in the Section 8 program.
When a landlord signs up for a Section 8 voucher, they receive payments directly from the government to cover the tenant's portion of the rent. The voucher holder contributes approximately 30% of their adjusted income toward rent. For simplicity, let’s assume the tenant’s contribution is $300. The total rent paid by the voucher program would be the sum of the tenant’s contribution and the utility allowance, which is typically around $150.
This means the landlord receives a total of $1,000 per month from the Section 8 program for a two-bedroom unit. To break it down:
Therefore, the landlord would receive $850 from the Section 8 program and $300 from the tenant, totaling $1,150 per month. Given that the local market rent is $1,125, participating landlords would see a slight surplus of $25 per month.
Note that the SAFMR is specific to this ZIP code, meaning it is set based on the rental market conditions within 14741. This localized approach aims to reflect the actual cost of housing in the area, ensuring that voucher holders can find suitable accommodation without overburdening landlords with unrealistic rent expectations.
In summary, landlords in ZIP 14741 who participate in the Section 8 program for a two-bedroom apartment can expect to receive $1,150 per month, resulting in a surplus of $25 compared to the local market rent of $1,125. This makes participation financially viable, even if not as lucrative as renting at market rates.
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.