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 | $1,000 |
| 1 Bedroom | $1,010 |
| 2 Bedrooms | $1,310 |
| 3 Bedrooms | $1,670 |
| 4 Bedrooms | $1,960 |
| 5 Bedrooms | $2,274 |
| 6 Bedrooms | $2,547 |
| 7 Bedrooms | $2,751 |
| 8 Bedrooms | $2,889 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $1,670 | $243,903 | 0.68% | D |
| 4BR | $1,960 | $313,864 | 0.62% | D |
U.S. Census Bureau data (2024)
The classification of ZIP code 14814 on the axes of yield and stability reveals a unique market scenario that is neither purely high-yield/low-stability nor a steady-cashflow zone, but rather a blend of both characteristics.
Yield Analysis: The Fair Market Rent (FMR) for ZIP 14814 in fiscal year 2024 is set at $1,530. This is significantly higher than the market rent of $1,152, indicating a potential for above-market rental yields. However, when considering the median home value of $252,832, the FMR represents a relatively modest return on investment. Landlords can leverage the difference between the FMR and market rent to increase their rental income, but they should also be cautious about pricing too high, which could deter tenants.
Stability Analysis: With 30.1% of residents being renters, the market has a moderate level of tenant turnover risk. The lack of data on days on market (DOM) suggests there might be some uncertainty regarding how quickly properties can be rented out once they become available. Additionally, the average household income of $98,783 provides a reasonable financial cushion for tenants, reducing the likelihood of default and enhancing overall stability.
Given these factors, ZIP 14814 appears to offer a balanced opportunity. It is not a high-yield/low-stability market typical of areas where quick flips are common. Instead, it presents a middle ground where landlords can achieve competitive rental yields without sacrificing the stability that comes from a solid tenant base and reasonable income levels. To capitalize fully on this balance, landlords should focus on properties that can be rented close to the FMR while ensuring they do not exceed the affordability threshold for local 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.