Location: Allegany County, NY | Metro: Rochester, NY MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,010 |
| 1 Bedroom | $1,140 |
| 2 Bedrooms | $1,420 |
| 3 Bedrooms | $1,710 |
| 4 Bedrooms | $1,880 |
| 5 Bedrooms | $2,181 |
| 6 Bedrooms | $2,443 |
| 7 Bedrooms | $2,638 |
| 8 Bedrooms | $2,770 |
U.S. Census Bureau data (2024)
The rent math in ZIP 14846 does not work in favor of landlords. The Fair Market Rent (FMR) for the fiscal year 2024 is set at $1070. However, the actual market rent as per the Census ACS data stands at only $644. This significant gap between the subsidized rent level and the market rate means that landlords would be operating at a loss if they were to rely solely on Section 8 tenants.
Acquisition in ZIP 14846 is affordable. With a median home value of $174,711, the cost of purchasing a property is relatively low. Unfortunately, the data regarding the number of days on the market (DOM) and the percentage of homes needing price cuts before sale are not available, which could have further clarified the ease of acquiring properties here.
Tenant demand in ZIP 14846 is limited. The total population is 928, with only 9.6% being renters. This suggests that the pool of potential tenants is quite small, making it challenging to find enough Section 8 participants to fill rental units. Additionally, the low renter share indicates a preference for homeownership over renting, which can further reduce the number of interested renters.
Given the analysis, the verdict on ZIP 14846 for Section 8 landlords and small-portfolio investors is unfavorable. The disparity between the FMR and the market rent makes it financially unviable to lease properties at the subsidized rates. Furthermore, the limited tenant demand due to a low renter share and small overall population means that finding qualified Section 8 tenants will be difficult. While the affordability of property acquisition is a positive aspect, it is overshadowed by the challenges in both rent math and tenant availability.
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.