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 | $960 |
| 1 Bedroom | $970 |
| 2 Bedrooms | $1,220 |
| 3 Bedrooms | $1,610 |
| 4 Bedrooms | $2,040 |
| 5 Bedrooms | $2,366 |
| 6 Bedrooms | $2,650 |
| 7 Bedrooms | $2,862 |
| 8 Bedrooms | $3,005 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $970 | $113,624 | 0.85% | C |
| 2BR | $1,220 | $138,456 | 0.88% | C |
| 3BR | $1,610 | $177,371 | 0.91% | C |
| 4BR | $2,040 | $232,388 | 0.88% | C |
| 5BR | $2,366 | $345,292 | 0.69% | D |
U.S. Census Bureau data (2024)
The ZIP code 14830, located in Corning, NY, presents a market in motion where the dynamics between supply and demand are finely balanced. The Fair Market Rent (FMR) for ZIP 14830 in fiscal year 2024 is set at $1240, while the Zillow Observed Rental Index (ZORI) indicates a slightly higher market rent of $1,314. This suggests that the rental market is somewhat competitive, with landlords setting rents above the government's benchmark to attract tenants.
A key indicator of market health is the price-cut share, which stands at just 0.1%. This low figure implies that property owners are not frequently lowering their asking prices, indicating strong confidence in the local real estate market. The median home value of $174,033 further supports this notion, as it reflects a stable housing environment where properties maintain their value.
The 34.0% renter share in ZIP 14830 highlights an ongoing long-term housing pressure. With nearly one-third of residents renting, there is a consistent demand for rental properties, which can create a steady stream of income for landlords and small-portfolio investors. However, this also means that a significant portion of the population may face challenges in transitioning to homeownership, potentially leading to sustained demand for rentals over the long term.
In summary, ZIP 14830 operates as a market where demand is closely aligned with supply, evidenced by the minimal need for price cuts and the slight premium on market rents over FMRs. The high renter share underscores a persistent pressure on the rental sector, making it a viable investment opportunity for those interested in real estate in this 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.