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 | $1,000 |
| 1 Bedroom | $1,050 |
| 2 Bedrooms | $1,380 |
| 3 Bedrooms | $1,750 |
| 4 Bedrooms | $1,830 |
| 5 Bedrooms | $2,123 |
| 6 Bedrooms | $2,378 |
| 7 Bedrooms | $2,568 |
| 8 Bedrooms | $2,696 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,380 | $156,463 | 0.88% | C |
| 3BR | $1,750 | $192,664 | 0.91% | C |
U.S. Census Bureau data (2024)
The median income in ZIP code 14864, which includes Millport, NY, stands at $63,667. This figure places significant constraints on the financial capabilities of the average household when it comes to housing costs. The market rate for rent, according to the Census ACS, is $825 per month. Given the median income, this market rate represents approximately 16% of the monthly income, assuming a household spends no more than 30% of its income on rent as recommended by financial advisors.
In comparison, the Fair Market Rent (FMR) set by HUD for ZIP code 14864 for fiscal year 2024 is $1330. This amount is significantly higher than the current market rate and indicates a substantial gap between what the government deems as fair rent and what the local economy can support. Voucher holders, therefore, might find themselves in a position where their rental assistance exceeds the typical market rates, offering landlords a potential opportunity to increase their income beyond the standard market rate.
With only 12.4% of the 1,197 residents being renters, competition among landlords is likely to be fierce. Landlords must consider how to balance their rental pricing with the income levels of prospective tenants to ensure occupancy rates remain stable. The disparity between the market rate and the FMR suggests that landlords who accept Section 8 vouchers could potentially command slightly higher rents compared to those who rely solely on market-rate tenants.
The takeaway for landlords is clear: accepting Section 8 vouchers can provide a buffer against the financial limitations of local renters, ensuring a steady and government-backed income stream. However, landlords should also be prepared for the administrative requirements and potential scrutiny that come with participating in the voucher program. For those willing to navigate these challenges, the opportunity to secure higher rental payments while serving a community in need can be a win-win strategy.
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.