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 | $1,120 |
| 1 Bedroom | $1,150 |
| 2 Bedrooms | $1,510 |
| 3 Bedrooms | $1,840 |
| 4 Bedrooms | $2,000 |
| 5 Bedrooms | $2,320 |
| 6 Bedrooms | $2,598 |
| 7 Bedrooms | $2,806 |
| 8 Bedrooms | $2,946 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,510 | $166,126 | 0.91% | C |
| 3BR | $1,840 | $211,068 | 0.87% | C |
| 4BR | $2,000 | $243,325 | 0.82% | C |
U.S. Census Bureau data (2024)
192492 The median home value in ZIP code 14838, Erin, NY, stands at $192,492, indicating a moderate housing market. 73884 With a median income of $73,884, residents have sufficient financial stability to support rental payments. 7.2% However, only 7.2% of the population are renters, suggesting a lower demand for rental properties compared to owner-occupied homes. 1190 For fiscal year 2024, the Fair Market Rent (FMR) for Section 8 housing in Erin, NY, is set at $1190, which is the maximum amount the program will pay for a two-bedroom unit. 747 This contrasts with the actual market rent of $747, as reported by the Census Bureau's American Community Survey, revealing a significant gap between what the government will pay and the local market rate. N/A The data does not provide the average days on market (DOM) for rental listings, nor the percentage of listings that require price cuts, making it challenging to assess the competitiveness of the rental market. N/A Despite these limitations, the disparity between the FMR and the market rent suggests a potentially lucrative opportunity for landlords who can qualify their units under the Section 8 program. 1190 Landlords should be aware that the Section 8 FMR of $1190 provides a clear ceiling for rental income, but it also ensures a reliable source of payment through the federal voucher system. 747 Given the lower market rent of $747, landlords might find it advantageous to participate in Section 8, especially if they can position their properties as higher quality options. 192492 In conclusion, with a median home value of $192,492 and a relatively low renter share, Erin, NY, presents a niche opportunity for landlords willing to engage with the Section 8 program. 1190 The Section 8 FMR of $1190 offers a predictable and stable income stream, making it a viable option for small-portfolio investors looking for consistent returns.
Verdict: Section 8 is a solid investment strategy in Erin, NY, due to the favorable FMR rates compared to local market rents.
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.