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 | $760 |
| 1 Bedroom | $810 |
| 2 Bedrooms | $1,040 |
| 3 Bedrooms | $1,310 |
| 4 Bedrooms | $1,470 |
| 5 Bedrooms | $1,705 |
| 6 Bedrooms | $1,910 |
| 7 Bedrooms | $2,063 |
| 8 Bedrooms | $2,166 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $810 | $72,142 | 1.12% | B |
| 2BR | $1,040 | $102,289 | 1.02% | B |
| 3BR | $1,310 | $125,683 | 1.04% | B |
| 4BR | $1,470 | $144,970 | 1.01% | B |
| 5BR | $1,705 | $189,698 | 0.9% | C |
U.S. Census Bureau data (2024)
38.4% of residents in ZIP 14760 (Olean, NY) are renters, indicating a significant portion of the population relies on rental housing. The Fair Market Rent (FMR) for the metro area in fiscal year 2026 is set at $1,040, which provides a benchmark for landlords to consider when setting rents. However, the actual market rent, as reported by the Census ACS, stands at $785, suggesting that there is room for rental rates to increase without becoming unaffordable. The median home value in the area is $119,167, reflecting an affordable market for both homeowners and investors looking to purchase properties. With a median income of $54,929, tenants have the financial capacity to meet the FMR, making it feasible for landlords to charge closer to the $1,040 mark without causing undue hardship. The low price-cut share of 0.2% indicates that properties in Olean, NY are generally valued correctly upon listing, reducing the need for significant price adjustments. Despite the lack of data on days on market (DOM), the combination of these figures paints a picture of a stable and potentially profitable rental market. Landlords and small-portfolio investors should take note of the discrepancy between the FMR and market rent, as it presents an opportunity to adjust their pricing strategies accordingly. The verdict for Section 8 participation in Olean, NY is positive, given the alignment between tenant incomes and the FMR, ensuring a steady stream of eligible participants.
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.