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 | $1,140 |
| 1 Bedroom | $1,150 |
| 2 Bedrooms | $1,500 |
| 3 Bedrooms | $1,830 |
| 4 Bedrooms | $1,990 |
| 5 Bedrooms | $2,308 |
| 6 Bedrooms | $2,585 |
| 7 Bedrooms | $2,792 |
| 8 Bedrooms | $2,932 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,500 | $155,671 | 0.96% | C |
| 3BR | $1,830 | $216,551 | 0.85% | C |
| 4BR | $1,990 | $303,180 | 0.66% | D |
| 5BR | $2,308 | $377,648 | 0.61% | D |
U.S. Census Bureau data (2024)
The ZIP code 14845, located in Horseheads, NY, has a population of 20,327, with 27.0% of residents being renters. This indicates that it is moderately renter-heavy, but not dominated by renters. The median household income in this area is $76,832, which provides insight into the economic conditions of potential tenants.
The market rent for the area is $1,257, representing approximately 16.4% of the median household income. This figure suggests that while rent is a significant portion of income, it is still manageable for many households. However, the comparison to the Fair Market Rent (FMR) of $1,400 for FY 2024 reveals that the actual market rent is slightly below the FMR, indicating that the area may offer some flexibility for landlords who wish to adjust their rents to better align with the financial capabilities of tenants.
In terms of voucher demand, the relatively high percentage of renters might suggest a moderate level of demand for Section 8 vouchers. However, the fact that the median income is higher than the average income required to qualify for Section 8 assistance could mean that the number of eligible tenants is lower compared to areas with lower median incomes. Therefore, landlords in ZIP 14845 can expect a mix of tenants, including those who may rely on housing vouchers due to lower individual incomes, but also a significant number who can afford market rates without assistance.
The expected tenant profile in this area includes individuals and families who are likely to have stable employment given the median income levels. Landlords should anticipate a need for some properties to be priced within the range of $1,257 to potentially attract tenants who might use vouchers to cover part of their rent. However, the overall demand for vouchers is not likely to be as high as in areas with lower median incomes. Thus, landlords should prepare for a diverse tenant pool, balancing between those who may require rental assistance and those who can pay market rates.
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.