Location: Steuben County, NY | Metro: Steuben County, NY
| 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 |
U.S. Census Bureau data (2024)
The median income in ZIP code 14855 stands at $76,500, which places it below the national average. Considering the market rate rent of $658, as reported by the Census Bureau's American Community Survey (ACS), a household in this area might find it challenging to afford housing without financial strain. This figure represents the typical rent cost for a unit in the area, indicating that the majority of renters are paying around this amount.
In comparison, the Fair Market Rent (FMR) set by HUD for the metro area in fiscal year 2026 is $970. This higher benchmark suggests that landlords participating in the Section 8 program could receive significantly more per month than the market rate, making the program attractive despite the lower percentage of renters—only 17.0%—in the area. The total population of 992 means that there are approximately 170 potential rental households in ZIP 14855, a number that could be crucial for landlords considering their tenant mix.
The affordability gap between the market rate and the FMR highlights a significant challenge for low-income households seeking rental housing. For landlords, this gap means increased competition for tenants who can afford the market rate, as many may struggle to meet these costs independently. However, landlords who accept Section 8 vouchers can expect a more stable income stream, with less risk of rent default, due to the government subsidy covering the difference between the market rate and the household's portion.
For landlords weighing the benefits of voucher versus cash-pay strategies, the decision should consider the local economic conditions and the financial stability of tenants. While accepting vouchers ensures a steady income closer to the FMR, it also requires compliance with HUD regulations and may limit the pool of available tenants. On the other hand, relying on cash-paying tenants could expose landlords to greater risks of non-payment, especially given the relatively low median income in the area. Landlords should balance these factors, possibly offering both options to cater to a wider range of renters and maximize occupancy rates.
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.