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 | $800 |
| 1 Bedroom | $800 |
| 2 Bedrooms | $1,050 |
| 3 Bedrooms | $1,300 |
| 4 Bedrooms | $1,660 |
| 5 Bedrooms | $1,926 |
| 6 Bedrooms | $2,157 |
| 7 Bedrooms | $2,330 |
| 8 Bedrooms | $2,447 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $1,300 | $185,484 | 0.7% | D |
U.S. Census Bureau data (2024)
The ZIP code 14802 presents a dynamic rental market influenced by several key factors. With a Fair Market Rent (FMR) set at $990 for fiscal year 2026, it reflects the government's benchmark for affordable housing in the area. This figure is notably higher than the actual market rent, which stands at $895 according to the Census ACS data. This discrepancy suggests that while there might be some downward pressure on rents due to competition, the underlying value of housing remains strong.
The median home value in the area is $191,394, indicating a relatively affordable residential market. However, the lack of specific data on the percentage of price cuts and days on market (DOM) makes it challenging to definitively state whether supply is outpacing demand or vice versa. Despite these missing metrics, the high renter share of 51.5% provides insight into the long-term dynamics of the housing market. A significant portion of the population renting rather than owning homes points towards sustained housing pressure, as renters often represent individuals and families who cannot yet afford to purchase a home.
This high renter share also implies that there could be a substantial demand for rental properties, potentially offsetting any supply concerns. Landlords and small-portfolio investors should consider the balance between rental rates and home values when making investment decisions. While the FMR indicates a target for affordability, the actual market rent is lower, suggesting that landlords might need to keep their rental prices competitive to attract tenants.
In summary, ZIP 14802 is a market characterized by a blend of affordability and demand. The high renter share signals ongoing pressure on the rental market, which can be a positive sign for those looking to invest in rental properties. However, keeping an eye on how market rents compare to FMRs will be crucial for maintaining competitiveness and maximizing returns.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-08-31). 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.