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 | $144,861 | 0.7% | D |
| 3BR | $1,280 | $174,905 | 0.73% | D |
| 4BR | $1,450 | $188,429 | 0.77% | D |
U.S. Census Bureau data (2024)
In Randolph, NY (ZIP 14772), investing in Section 8 properties comes with notable risks that must be carefully considered. Tenant turnover is a significant concern, as the market rent stands at $689 compared to the $970 Fair Market Rent (FMR) for FY 2026 in the metro area. This disparity can lead to higher turnover rates since tenants might seek better rental deals outside of the program. Additionally, vacancy exposure is a critical issue due to the lack of available data on days on market (DOM), indicating potential unpredictability in filling vacancies.
The deferred maintenance exposure is another factor to consider. With a typical home value of $155,916 and a median income of $79,583, there's a risk that homeowners may defer necessary repairs and maintenance, which can impact property values and increase the burden on landlords who must ensure their properties meet HUD standards. The financial strain on local residents could also affect their ability to pay rent on time, adding to the challenges faced by landlords.
However, these risks are tempered by the high concentration of renters in the area. The 11.9% renter share suggests a robust demand for rental housing, including units covered by Section 8 vouchers. High renter density typically translates into a steady pool of potential tenants, reducing the likelihood of prolonged vacancies. Furthermore, the presence of a significant number of voucher holders can provide a reliable source of rental income, as long as the landlord is prepared to navigate the administrative requirements of the program.
Verdict: Moderate risk for a first-time Section 8 landlord.
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.