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: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,010 | $120,862 | 0.84% | C |
| 3BR | $1,270 | $147,912 | 0.86% | C |
| 4BR | $1,620 | $140,205 | 1.16% | B |
U.S. Census Bureau data (2024)
ZIP code 14806, located in Andover, NY, within the Steuben County, NY metro area, exhibits several characteristics that distinguish it from typical ZIP codes in the county. The Fair Market Rent (FMR) for 14806 is set at $970 for fiscal year 2026, which is notably higher than the market rent figure of $774. This suggests that while landlords can potentially charge closer to the FMR when renting to Section 8 participants, the actual market conditions indicate a lower average rental price.
The median home value in 14806 stands at $126,978, which is relatively low compared to other ZIP codes in the county. This could imply that the real estate market in Andover is less expensive, offering opportunities for both investment and housing. The renter share in 14806 is 19.4%, indicating a significant portion of the population rents their homes rather than owning them. This is a key metric for landlords and investors interested in the demand for rental properties.
When comparing these figures to typical ZIP codes in Steuben County, the lower home value combined with a moderate renter share suggests that 14806 could be considered a value pocket. Value pockets are areas where property values are lower than the surrounding region, but there's still a reasonable demand for rentals. This makes it an attractive location for landlords who want to maximize their return on investment due to the potential for higher rental yields relative to the purchase price of properties.
The divergence between the FMR and market rent also indicates a potential opportunity for landlords participating in the Section 8 program. With a higher FMR, they can secure a slightly better rental income compared to the general market, making it a particularly sweet spot for those familiar with the Section 8 process.
In summary, ZIP code 14806 presents itself as a value pocket within the Steuben County, NY metro, characterized by lower home values and a significant renter share. These factors make it an appealing market for landlords and small-portfolio investors looking to capitalize on affordable real estate with decent rental demand.
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.