Location: Steuben County, NY | Metro: Allegany County, NY
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 | $800 |
| 1 Bedroom | $800 |
| 2 Bedrooms | $1,010 |
| 3 Bedrooms | $1,350 |
| 4 Bedrooms | $1,700 |
| 5 Bedrooms | $1,972 |
| 6 Bedrooms | $2,209 |
| 7 Bedrooms | $2,386 |
| 8 Bedrooms | $2,505 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,010 | $102,532 | 0.99% | C |
| 3BR | $1,350 | $123,560 | 1.09% | B |
| 4BR | $1,700 | $132,864 | 1.28% | A |
| 5BR | $1,972 | $154,230 | 1.28% | A |
U.S. Census Bureau data (2024)
The investment landscape in ZIP code 14843, located in Hornell, NY, presents several challenges that first-time Section 8 landlords should be aware of. Tenant turnover is a significant risk, especially when considering the market rent of $1,000 compared to the Fair Market Rent (FMR) of $970 for fiscal year 2026. This discrepancy suggests that tenants paying market rates might be more inclined to leave once they secure a Section 8 voucher, leading to higher turnover costs.
Vacancy exposure is another concern, as the days on market (DOM) data is not available. Without this information, it's difficult to gauge how quickly properties can be filled, which can impact cash flow and profitability. Additionally, the typical home value of $114,110 and median income of $57,874 indicate a potential for deferred maintenance. Landlords must be prepared to invest in property upkeep to ensure compliance with housing standards and to maintain the quality of their assets.
However, these risks are balanced by the high renter share of 39.4%. A large proportion of renters typically translates into a robust demand for rental units, including those supported by Section 8 vouchers. This high demand can mitigate some of the risks associated with tenant turnover and vacancy exposure, making it easier to find and retain tenants who qualify for assistance programs.
In conclusion, the investment risk for a first-time Section 8 landlord in ZIP code 14843 is moderate. While there are notable risks such as tenant turnover and the need for regular maintenance investments, the high renter share provides a solid foundation for demand and stability.
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.