Location: Elmira, 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 | $860 |
| 1 Bedroom | $890 |
| 2 Bedrooms | $1,160 |
| 3 Bedrooms | $1,450 |
| 4 Bedrooms | $1,550 |
| 5 Bedrooms | $1,798 |
| 6 Bedrooms | $2,014 |
| 7 Bedrooms | $2,175 |
| 8 Bedrooms | $2,284 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $1,450 | $185,534 | 0.78% | D |
U.S. Census Bureau data (2024)
The ZIP code 14825 is primarily characterized by a moderate rental presence, with 25.2% of its population being renters. This indicates that it is not a renter-heavy area but rather a balanced mix between homeowners and renters. The median household income stands at $61,250, which provides a baseline for assessing the financial capacity of potential tenants.
The market rent for the area is currently set at $768. To put this into perspective, this figure represents approximately 12.5% of the median household income. This suggests that the typical rent eats a reasonable portion of the local income without being overly burdensome. However, when compared to the Fair Market Rent (FMR) of $940 for FY 2024, the current market rent is lower, indicating a potential opportunity for landlords to adjust their pricing slightly upwards while still remaining competitive.
Given the income levels and the current market rent, landlords in ZIP 14825 can expect tenants who are likely to be financially stable and capable of meeting their rent obligations. These tenants would be well-positioned to utilize Section 8 vouchers effectively, given that the vouchers cover up to the FMR of $940. Landlords should anticipate a tenant pool that includes families and individuals who benefit from the federal housing assistance program, ensuring they have the means to pay rent consistently.
In summary, ZIP 14825 offers a moderate demand for Section 8 vouchers, with a reasonable balance between homeowners and renters. The typical rent consumes about 12.5% of the median household income, aligning well with the financial capabilities of the local population. Landlords can expect tenants who are financially secure and able to leverage the housing assistance provided by Section 8 vouchers to meet their rental obligations.
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.