Location: Allegany County, NY | Metro: Allegany 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 | $830 |
| 1 Bedroom | $850 |
| 2 Bedrooms | $1,100 |
| 3 Bedrooms | $1,360 |
| 4 Bedrooms | $1,720 |
| 5 Bedrooms | $1,995 |
| 6 Bedrooms | $2,234 |
| 7 Bedrooms | $2,413 |
| 8 Bedrooms | $2,534 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $1,360 | $186,114 | 0.73% | D |
U.S. Census Bureau data (2024)
The ZIP code 14777 presents a unique snapshot of the rental market, with a Fair Market Rent (FMR) of $980 for the fiscal year 2026. This figure, set by HUD, indicates the rental market's baseline valuation, but the absence of current market rent data suggests a lack of recent activity or comprehensive reporting, which could imply either a stable market or an underreported one.
The median home value of $177,324 reflects a relatively affordable residential area. However, the missing percentage of price-cut share and days on market (DOM) make it challenging to determine if the supply is currently outpacing demand or vice versa. Typically, high DOM values and significant price-cut shares would suggest a surplus of listings relative to demand, while lower values would indicate a tighter market.
A noteworthy statistic is the 10.4% renter share. This percentage is indicative of a predominantly owner-occupied community, but it also highlights the potential for long-term housing pressure. In areas where homeownership is high, the demand for rental properties can increase as population growth or economic changes occur, leading to upward pressure on rents. The low renter share could mean that the rental market is less dynamic, but it also implies that any shift towards renting could quickly alter the balance between supply and demand.
The dynamics of ZIP 14777 suggest a market that is currently well-balanced, with homeownership being the preferred option. Landlords and small-portfolio investors should be attentive to broader economic trends and local developments that might affect the rental market, such as job growth or changes in the demographic composition of the area. While the current data do not provide a clear indication of future trends, the potential for increased rental demand due to the low renter share means that investors should consider the area as one with latent demand that could become more active under certain conditions.
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.