Section 8 Fair Market Rent (FMR) for ZIP 14816 - 2027
Location: Elmira, NY | Metro: Elmira, NY MSA
Investment Score for ZIP 14816
N/A
Monthly Rent (2BR)
$1,500
Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)
FY 2027 Fair Market Rent Rates
| Unit Size |
Monthly FMR |
| Studio | $1,140 |
| 1 Bedroom | $1,150 |
| 2 Bedrooms | $1,500 |
| 3 Bedrooms | $1,830 |
| 4 Bedrooms | $1,990 |
| 5 Bedrooms | $2,308 |
| 6 Bedrooms | $2,585 |
| 7 Bedrooms | $2,792 |
| 8 Bedrooms | $2,932 |
Investment Analysis by Bedroom Size
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms |
Monthly FMR |
Median Price |
1% Rule |
Grade |
| 3BR |
$1,830 |
$187,350 |
0.98% |
C |
Demographics & Housing Statistics
U.S. Census Bureau data (2024)
Median Household Income
$63,487
To determine if a landlord should buy in ZIP code 14816 for Section 8 investment, follow this decision tree:
- Does FMR $1260 (zip FY 2024) clear debt service on a $179,022 property?
- If yes: The Fair Market Rent (FMR) of $1260 is sufficient to cover the mortgage payments and other costs associated with a property valued at $179,022. This indicates that the property can be financially viable under Section 8.
- If no: The FMR of $1260 does not cover the debt service for a property priced at $179,022. Investing in this area would likely result in financial losses, making it unwise to proceed.
- Is market rent N/A (N/A) above, at, or below FMR?
- If market rent is above FMR: There is a potential to earn higher rents from non-Section 8 tenants, which could be beneficial if the landlord plans to diversify their tenant base beyond just Section 8 participants.
- If market rent is at FMR: The rental income will closely match the FMR, ensuring that the landlord can rely on stable cash flows from Section 8 tenants without the risk of overpricing the units.
- If market rent is below FMR: The landlord might struggle to find non-Section 8 tenants willing to pay the FMR rate, which could limit the pool of potential tenants to only those participating in the Section 8 program.
- Are 7.2% renters + N/A-day DOM enough demand?
- If 7.2% of renters in the area are interested in Section 8 properties and the days on market (DOM) is low: This suggests there is enough demand for Section 8 properties in the area. A low DOM indicates that properties are rented quickly, which is favorable for maintaining consistent cash flow.
- If 7.2% of renters are interested but the DOM is high: Despite the interest in Section 8, the high DOM could indicate challenges in finding tenants, such as competition or location-specific issues, leading to prolonged vacancy periods.
- If the percentage of interested renters is significantly lower than 7.2%, or the DOM data is missing: The demand for Section 8 properties in this area is insufficient. Landlords would face difficulties in renting out their units, leading to financial instability and potential losses.
The decision to invest in ZIP 14816 hinges on these factors. If the FMR covers debt service, market rent aligns favorably with the FMR, and there is sufficient demand among renters, then the answer is yes. Otherwise, it depends on the landlord's tolerance for risk, or the answer is no.
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.