Location: Schuyler County, NY | Metro: Elmira, NY MSA
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 | $1,010 |
| 1 Bedroom | $1,110 |
| 2 Bedrooms | $1,420 |
| 3 Bedrooms | $1,720 |
| 4 Bedrooms | $1,970 |
| 5 Bedrooms | $2,285 |
| 6 Bedrooms | $2,559 |
| 7 Bedrooms | $2,764 |
| 8 Bedrooms | $2,902 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,420 | $191,725 | 0.74% | D |
| 3BR | $1,720 | $239,685 | 0.72% | D |
U.S. Census Bureau data (2024)
In ZIP code 14805, located in Alpine, NY within Schuyler County, the HUD Fair Market Rent (FMR) for fiscal year 2024 is set at $1320. This figure represents the 40th percentile of typical rental rates in the area. In contrast, the market rent based on Census ACS data is $875. Given these numbers, voucher tenants can expect to cashflow significantly at the HUD FMR rate.
The median home value in the area is $217,461, which provides a useful context for understanding the local housing market. To derive the rent-to-price ratio, we use the HUD FMR of $1320. This translates to approximately 7.5% of the median home value per month, indicating that rental income could provide a steady stream relative to property values.
Note that the data does not provide a median days on market (DOM) or the percentage of homes that had their prices cut. However, the significant difference between the HUD FMR and the market rent suggests strong demand for rental properties among voucher holders, which could influence the rent-versus-buy dynamics in favor of rental investments.
The strongest angle for Section 8 investors in ZIP 14805 is cashflow. With the HUD FMR well above the market rent, landlords can expect to see positive cashflow from voucher tenants even in standard units, without the need for premium properties.
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.