Location: Schuyler 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 | $1,270 |
| 1 Bedroom | $1,340 |
| 2 Bedrooms | $1,760 |
| 3 Bedrooms | $2,150 |
| 4 Bedrooms | $2,320 |
| 5 Bedrooms | $2,691 |
| 6 Bedrooms | $3,014 |
| 7 Bedrooms | $3,255 |
| 8 Bedrooms | $3,418 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $2,150 | $185,686 | 1.16% | B |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 14824 in fiscal year 2024 is set at $1190. This figure represents the payment standard for Section 8 housing vouchers, which is the amount the government will pay towards your tenant's rent. It does not represent the total rent you can charge, but rather the maximum subsidy amount for voucher holders.
In comparison, the average rent for the area, according to the Census American Community Survey, is $1386. This indicates that while the FMR is slightly below the market rate, it still provides a significant portion of the rent, making it a viable option for landlords. The difference between the FMR and the actual rent can be charged to the tenant, meaning they would cover the extra $196 per month on top of the $1190 subsidy.
The 18.8% share of renters in the area suggests there is a moderate demand for rental properties. However, with the Section 8 program, the demand from low-income households specifically will likely be higher, given the financial assistance they receive. This makes Section 8 rentals a stable choice, as the likelihood of finding qualified tenants is relatively high.
The median home value in ZIP code 14824 is approximately $161,835. This figure helps investors understand the potential acquisition costs for properties in this area. While this is the median value, it gives an idea of what to expect when purchasing a property to use as a rental.
Before committing to a Section 8 rental, one crucial verification step is to ensure that the property meets all the required inspection standards. The Housing Quality Standards (HQS) inspection is mandatory and must be passed before a tenant with a Section 8 voucher can move in. This ensures the safety and habitability of the property, aligning with federal requirements.
To summarize, the FMR of $1190 is the subsidy limit, while the local average rent is $1386, indicating a reasonable gap for tenant contributions. With an 18.8% renter share, demand is steady, and the median home value of $161,835 gives insight into acquisition costs. Ensure your property passes the HQS inspection to proceed with a Section 8 rental.
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.