Location: Allegany County, NY | Metro: Allegany County, NY
| Unit Size | Monthly FMR |
|---|---|
| Studio | $850 |
| 1 Bedroom | $860 |
| 2 Bedrooms | $1,120 |
| 3 Bedrooms | $1,390 |
| 4 Bedrooms | $1,770 |
| 5 Bedrooms | $2,053 |
| 6 Bedrooms | $2,299 |
| 7 Bedrooms | $2,483 |
| 8 Bedrooms | $2,607 |
U.S. Census Bureau data (2024)
In evaluating the investment risk for Section 8 properties in ZIP code 14774, several factors must be considered that could potentially go wrong. Tenant turnover is a significant concern, with the market rent at $936 being notably lower than the Fair Market Rent (FMR) of $1,070 for the fiscal year 2026 in the metro area. This disparity suggests that landlords might struggle to attract tenants willing to pay the higher FMR rate, leading to higher turnover rates.
Vacancy exposure is another critical issue. The data shows that the average days on market (DOM) is not available, which indicates uncertainty about how long it might take to fill a vacant unit. Given the current economic conditions and the median income of $39,250, potential tenants may find it challenging to secure housing, increasing the likelihood of prolonged vacancies.
The deferred maintenance exposure is also a point of consideration. With the typical home value data missing, it's difficult to assess the overall condition of properties in the area. However, the median income figure suggests that many residents might not have the financial capacity to cover extensive repairs or maintenance costs out of pocket, leading to an increased burden on landlords to maintain their properties adequately.
Despite these risks, there are factors that mitigate them. The renter share of the population stands at 24.4%, indicating a relatively high concentration of renters. High renter density typically correlates with a greater demand for housing vouchers, such as Section 8, providing some stability in terms of occupancy and rental income.
A first-time Section 8 landlord in ZIP code 14774 should be prepared for challenges related to tenant turnover and potential vacancies. However, the strong demand for rental properties and the presence of housing vouchers can provide a degree of financial security. Based on this analysis, the overall risk level for a first-time Section 8 landlord in this ZIP code is moderate.
Data Sources: FMR data from HUD (2027). 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.