Location: Chautauqua County, NY | Metro: Chautauqua 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 | $710 |
| 1 Bedroom | $790 |
| 2 Bedrooms | $1,010 |
| 3 Bedrooms | $1,350 |
| 4 Bedrooms | $1,400 |
| 5 Bedrooms | $1,624 |
| 6 Bedrooms | $1,819 |
| 7 Bedrooms | $1,965 |
| 8 Bedrooms | $2,063 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,010 | $141,335 | 0.71% | D |
| 3BR | $1,350 | $149,220 | 0.9% | C |
| 4BR | $1,400 | $162,779 | 0.86% | C |
U.S. Census Bureau data (2024)
The ZIP code 14775, located in Ripley, NY, has a population of 2,328 residents, with 23.1% being renters. This indicates that the area is not heavily dominated by renters; rather, it leans towards a homeowner-dominated community. The median household income in this ZIP code is $49,961, which provides a basis for understanding the economic context of potential tenants.
The market rent for the area stands at $677 per month. To contextualize this figure, we can calculate that typical rent consumes approximately 13.5% of the median household income ($677 / $49,961 * 100 = 13.5%). This suggests that while rent is a significant expense, it is manageable for many households given their income levels.
Comparing the market rent to the Fair Market Rent (FMR) of $970, as set for FY 2026 in the metropolitan area, reveals that the actual market rent is lower than the FMR. This discrepancy could be due to various factors including the rural nature of the area, which often has lower rents compared to urban settings. The lower market rent in relation to the FMR implies that there is a potential for deeper voucher utilization in this ZIP code, as the gap between market rates and government-set fair market rates is substantial.
A landlord in ZIP 14775 should expect tenants who rely on housing vouchers to make up a portion of the rental market. These tenants will likely have a significant portion of their rent subsidized, making them attractive to landlords looking for stable, long-term tenancies. However, the relatively low number of renters means that competition for voucher holders might be less intense compared to areas with higher percentages of renters. Despite this, the economic conditions suggest that landlords will still benefit from the presence of these tenants, as the market rent is well below the FMR, providing a buffer for those receiving subsidies.
In summary, while ZIP 14775 is primarily a homeowner-dominated area, there is still a notable tenant pool, particularly among those who utilize housing vouchers. Landlords can expect a mix of tenants, with some relying on financial assistance to meet the cost of living, which remains below the FMR for the region.
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.