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 | $1,320 |
| 2 Bedrooms | $1,580 |
| 3 Bedrooms | $1,900 |
| 4 Bedrooms | $2,370 |
| 5 Bedrooms | $2,749 |
| 6 Bedrooms | $3,079 |
| 7 Bedrooms | $3,325 |
| 8 Bedrooms | $3,491 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,580 | $231,903 | 0.68% | D |
| 3BR | $1,900 | $268,742 | 0.71% | D |
| 4BR | $2,370 | $331,346 | 0.72% | D |
U.S. Census Bureau data (2024)
The analysis of the Section 8 program in ZIP code 14867, which encompasses Newfield, NY, reveals a significant gap between the Fair Market Rent (FMR) and the actual market rent. The FMR for ZIP 14867 in fiscal year 2024 is set at $1,400, while the Census ACS reports the market rent at $1,180. This means that the FMR is higher by $220, or approximately 18.6%, compared to the open-market rental rates.
This gap makes the area a prime location for landlords and small-portfolio investors looking to maximize their yields. Voucher tenants under the Section 8 program can secure rental properties at rates that are subsidized up to the FMR level, ensuring landlords receive the higher payment of $1,400 per month. Given that only 19.0% of the residents are renters, there is less competition for rental units, allowing landlords to leverage the higher FMR payments effectively.
The median home value in Newfield, NY, stands at $268,829, and the median household income is $75,507. These figures suggest that homeownership is relatively affordable, but for those who choose or need to rent, the subsidy provided by the Section 8 vouchers can significantly alleviate the financial burden of housing costs. However, landlords must be aware that renting to voucher tenants may come with administrative requirements and oversight from the housing authority, which could affect the overall management of the property.
Investing in Section 8 properties in this area can be a strategic move to capitalize on the higher guaranteed rents, especially since the FMR exceeds the market rate. Landlords should consider these factors when deciding whether to participate in the program:
In conclusion, the disparity between the FMR and market rent in ZIP 14867 presents an opportunity for landlords to benefit from the Section 8 program. With a median home value of $268,829 and median income of $75,507, the financial landscape supports a scenario where voucher tenants can find suitable housing, and landlords can secure a yield that surpasses the local market rates.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-08-31). 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.