Section 8 Fair Market Rent (FMR) for ZIP 14840 - 2027

Location: Steuben County, NY | Metro: Schuyler County, NY

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$790
1 Bedroom	$800
2 Bedrooms	$1,040
3 Bedrooms	$1,360
4 Bedrooms	$1,700
5 Bedrooms	$1,972
6 Bedrooms	$2,209
7 Bedrooms	$2,386
8 Bedrooms	$2,505

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

2,425

Median Household Income

$84,792

Housing Units

2,813

Renter Percentage

14.2%

Occupancy Rate

41.9%

Renter Occupied

167

Housing Authorities Serving ZIP 14840

Hornell Housing Authority (Hornell, NY) - 284 Section 8 vouchers

To determine if you should buy in ZIP code 14840 (Hammondsport, NY) for Section 8 investment, follow this decision tree based on the provided data:

Step 1: Does the Fair Market Rent (FMR) of $970 cover the debt service on a property valued at $319,002?

No. The FMR of $970 does not clear the debt service on a property priced at $319,002. This makes the investment unviable unless there are other sources of income or subsidies available to cover the shortfall.
It Depends. If you have additional revenue streams or can secure a lower mortgage rate that reduces the monthly debt service to below $970, then the answer becomes more favorable. However, based solely on the given FMR and property value, the answer leans towards no.

Step 2: Is the market rent of $825 (based on Census ACS) above, at, or below the FMR of $970?

Below. The market rent of $825 is below the FMR of $970. This indicates that Section 8 vouchers could potentially help cover the gap between market rent and the higher FMR, making the investment more attractive.

Step 3: Do the 14.2% of renters combined with an unspecified number of days on the market (DOM) indicate sufficient demand?

It Depends. With only 14.2% of residents being renters, the demand for rental properties is relatively low. However, the impact of Section 8 vouchers could stabilize occupancy rates. The lack of data on DOM makes it difficult to assess how quickly properties are rented out, but a high DOM would suggest further challenges in finding tenants.

In conclusion, the viability of purchasing in ZIP 14840 for Section 8 investment hinges on the ability to manage or mitigate the financial gap between the FMR and the debt service, as well as understanding the local rental market dynamics beyond the given percentages and figures. If you can address these concerns, the investment might still be worthwhile.

Data Sources: FMR data from HUD (2027). 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.