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 |
|---|---|---|---|---|
| 2BR | $1,010 | $147,291 | 0.69% | D |
| 3BR | $1,280 | $193,145 | 0.66% | D |
| 4BR | $1,450 | $210,940 | 0.69% | D |
U.S. Census Bureau data (2024)
The median income in ZIP code 14755, Little Valley, NY, stands at $66,103. This figure is crucial when evaluating the local rental market, where the average market rate for rent is $724 according to the Census Bureau's American Community Survey (ACS). Given these numbers, it becomes evident that many households may struggle to cover their housing costs without financial strain.
To further contextualize the situation, the Fair Market Rent (FMR) set by HUD for the metro area in fiscal year 2026 is $970. This amount represents the standard payment level for Section 8 vouchers in the region. The disparity between the median income and both the market rate ($724) and the FMR ($970) highlights a significant affordability gap for renters in Little Valley.
In a community of 2,919 people, where 24.0% are renters, this affordability gap means intense competition among landlords. Tenants seeking affordable housing will likely prioritize areas where they can find rents closer to the market rate of $724 rather than paying the higher FMR of $970. As a result, landlords who accept Section 8 vouchers might face challenges in filling vacancies due to the higher rent subsidy compared to what many tenants can comfortably afford from their own income.
The takeaway for landlords considering their strategy is clear: while accepting Section 8 vouchers ensures steady rental income, the competition for tenants who prefer lower rents could be fierce. Landlords should weigh the benefits of guaranteed payments against the potential difficulty in finding and retaining tenants willing to pay the higher voucher rates. In making this decision, understanding the local economic landscape and tenant preferences is key to success in Little Valley's rental market.
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.