Location: Steuben 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 | $880 |
| 1 Bedroom | $920 |
| 2 Bedrooms | $1,200 |
| 3 Bedrooms | $1,490 |
| 4 Bedrooms | $1,680 |
| 5 Bedrooms | $1,949 |
| 6 Bedrooms | $2,183 |
| 7 Bedrooms | $2,358 |
| 8 Bedrooms | $2,476 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,200 | $154,708 | 0.78% | D |
| 3BR | $1,490 | $180,937 | 0.82% | C |
| 4BR | $1,680 | $227,413 | 0.74% | D |
U.S. Census Bureau data (2024)
The economic landscape of ZIP 14812, Beaver Dams, NY, presents a nuanced picture when viewed from the perspective of renters. The median household income stands at $62,073, which is a solid financial base but does not guarantee ease in affording the market rate rent of $947 per month. This figure represents a significant portion of the average household’s monthly income, highlighting an affordability challenge for many residents.
To further contextualize this situation, let's consider the Federal Market Rate (FMR) set at $1170 for the fiscal year 2024. This amount is notably higher than the current market rate, suggesting that households receiving rental assistance through vouchers might have more disposable income for other living expenses. However, the disparity between the FMR and the market rate also implies that landlords could potentially see a reduction in revenue if they choose to accept vouchers over cash-paying tenants.
In Beaver Dams, NY, only 10.2% of the total population of 2,954 are renters. This relatively low percentage indicates a smaller pool of potential tenants, which could intensify competition among landlords. Given the limited number of renters, landlords must carefully evaluate their tenant selection strategies to ensure occupancy rates remain stable and profitable.
The affordability gap in Beaver Dams, NY, means that landlords should be prepared to offer competitive pricing and perhaps even consider accepting Section 8 vouchers. While vouchers provide a guaranteed payment source, they come with a lower rate compared to the FMR. Landlords who decide to focus on cash-paying tenants should be aware that the majority of the local population may struggle to meet the current market rate, necessitating a balance between attracting tenants and maintaining profitability.
Takeaway: For landlords in ZIP 14812, the decision to accept Section 8 vouchers versus relying solely on cash-paying tenants involves assessing the local affordability gap and the size of the rental market. Vouchers can ensure steady income but at a lower rate, while cash-paying tenants might offer higher rents but require more effort to attract given the economic realities of the area.
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.