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 |
|---|---|---|---|---|
| 1BR | $790 | $112,684 | 0.7% | D |
| 2BR | $1,010 | $166,350 | 0.61% | D |
| 3BR | $1,350 | $195,527 | 0.69% | D |
| 4BR | $1,400 | $223,677 | 0.63% | D |
| 5BR | $1,624 | $294,798 | 0.55% | F |
U.S. Census Bureau data (2024)
A household in ZIP code 14787, located in Westfield, NY, has a median income of $53,587. The market rate for rent, according to the Census ACS, is $673 per month. This means that a significant portion of the household's annual income would be dedicated to housing costs, which could strain finances.
The Fair Market Rent (FMR) standard set by HUD for metro areas for fiscal year 2026 is $970. This figure represents the maximum amount that a Section 8 voucher holder can pay towards their monthly rent. Comparing the voucher payment standard to the market rate, it's evident that voucher holders can potentially afford higher rents than the current market rate suggests.
With 28.2% of the population renting and a total population of 4,771, there is a notable segment of the community seeking rental housing. However, the disparity between median income and the market rate highlights an affordability gap that could affect the competition among landlords. Landlords who accept vouchers might have a steady stream of tenants, given that the voucher amount covers a larger portion of the rent compared to what typical residents can afford.
The takeaway for landlords considering voucher versus cash-pay strategies is clear. While accepting vouchers may mean working with the government and dealing with some administrative processes, it ensures a reliable tenant base that can afford the rent. For landlords focused on maximizing immediate cash flow, non-voucher tenants may offer lower monthly payments but come with the risk of financial instability. Vouchers, therefore, provide a balance between stability and affordability in a market where many households struggle to meet the current rent levels.
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.