Location: Steuben 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 | $780 |
| 1 Bedroom | $790 |
| 2 Bedrooms | $1,010 |
| 3 Bedrooms | $1,270 |
| 4 Bedrooms | $1,620 |
| 5 Bedrooms | $1,879 |
| 6 Bedrooms | $2,104 |
| 7 Bedrooms | $2,272 |
| 8 Bedrooms | $2,386 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $1,270 | $211,135 | 0.6% | D |
| 4BR | $1,620 | $250,273 | 0.65% | D |
U.S. Census Bureau data (2024)
The market in ZIP code 14803 presents a dynamic environment for landlords and small-portfolio investors. The Fair Market Rent (FMR) for the area is set at $970 for fiscal year 2026, indicating a level that HUD deems sufficient for renters to afford without spending more than 30% of their income on housing. In contrast, the actual market rent, as reported by the Census ACS, stands at $810. This suggests that while there is room for rental price increases, current market conditions have yet to reach the FMR levels.
The median home value of $192,000 provides insight into the overall housing affordability in the region. Given that the exact percentage of price cut share and days on market (DOM) are not available, we can infer that the market is relatively stable, with neither an overabundance of listings nor a significant number of homes being sold below their asking price.
A notable statistic is the 21.2% share of renters in the area. This figure indicates that a considerable portion of the population prefers renting over owning, which can be due to various factors such as job instability, student populations, or a preference for flexibility. A higher renter share often correlates with sustained long-term housing pressure, as it signals a consistent demand for rental properties.
In summary, ZIP 14803 appears to be a market where demand is steady, supported by a significant renter base. The gap between the FMR and market rent suggests potential growth for rental prices, aligning with the ongoing trend towards fairer housing costs. For landlords and investors, this translates to a promising environment with clear opportunities for investment, especially in rental properties, given the existing demand and the likelihood of continued interest from renters.
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.