Location: Steuben County, NY | Metro: Steuben 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 | $820 |
| 2 Bedrooms | $1,040 |
| 3 Bedrooms | $1,340 |
| 4 Bedrooms | $1,650 |
| 5 Bedrooms | $1,914 |
| 6 Bedrooms | $2,144 |
| 7 Bedrooms | $2,316 |
| 8 Bedrooms | $2,432 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $1,340 | $131,360 | 1.02% | B |
U.S. Census Bureau data (2024)
The economic landscape of ZIP code 14808 presents a challenging scenario for renters and landlords alike. Given the median income of $33,203, households face significant constraints when it comes to housing affordability. The market rate for rentals is currently listed as N/A, which indicates a lack of comprehensive data on typical rental costs in this area. However, we can still analyze the situation using the Fair Market Rent (FMR) set at $1,070 for the metro area in fiscal year 2026.
To put this into perspective, let's consider the average monthly income. Assuming a median annual income of $33,203, the monthly income would be approximately $2,767. If we apply the common rule of thumb that housing should not exceed 30% of one’s income, then the maximum affordable rent for a household would be around $830 per month. This figure is below the FMR of $1,070, suggesting an affordability gap for renters.
The ZIP code has a relatively low percentage of renters at 9.2%, with a total population of 500. This means there are only about 46 renters in the area. Such a small pool of potential tenants could lead to increased competition among landlords, especially those who rely solely on market-rate rents. Voucher holders, who have their rent subsidized up to the FMR, represent a stable and less competitive tenant base compared to the general market.
The takeaway for landlords is clear: focusing on voucher programs can provide a more reliable source of tenants given the limited number of renters and the affordability gap. While cash-paying tenants might offer higher rent amounts, they also come with greater risk due to the economic conditions. By accepting vouchers, landlords ensure a steady income stream without the volatility associated with market-rate rents.
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.