Location: Seneca County, NY | Metro: Schuyler County, NY
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,160 |
| 1 Bedroom | $1,290 |
| 2 Bedrooms | $1,660 |
| 3 Bedrooms | $2,060 |
| 4 Bedrooms | $2,310 |
| 5 Bedrooms | $2,680 |
| 6 Bedrooms | $3,002 |
| 7 Bedrooms | $3,242 |
| 8 Bedrooms | $3,404 |
U.S. Census Bureau data (2024)
15.6% of the population in ZIP 14841, Hector, NY, are renters, indicating a modest demand for rental properties. The Fair Market Rent (FMR) for the metro area in fiscal year 2026 is set at $1,610, which provides a benchmark for rental pricing. However, the lack of specific data on market rent suggests that there might be limited competition or a less developed rental market in this region. The median home value stands at $337,294, offering investors a clear indication of property values in the area. With a median income of $89,821, residents have the financial capacity to afford housing costs, including potential rental payments. The absence of data on days on market (DOM) and the percentage of price-cut share indicates stability in the local real estate market, without significant fluctuations in property listings or prices. Given these figures, landlords and small-portfolio investors can expect a steady but not highly competitive rental market in Hector, NY. The FMR serves as a reliable guideline for setting rental rates, ensuring compliance with Section 8 requirements while maintaining profitability. For those interested in Section 8 participation, the current economic indicators support a positive outlook, provided they adhere to the $1,610 FMR.
Section 8 verdict: Suitable for participation with adherence to the $1,610 FMR.
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.