Location: Steuben 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 | $1,050 |
| 1 Bedroom | $1,060 |
| 2 Bedrooms | $1,380 |
| 3 Bedrooms | $1,690 |
| 4 Bedrooms | $1,860 |
| 5 Bedrooms | $2,158 |
| 6 Bedrooms | $2,417 |
| 7 Bedrooms | $2,610 |
| 8 Bedrooms | $2,741 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,380 | $150,287 | 0.92% | C |
| 3BR | $1,690 | $212,735 | 0.79% | D |
| 4BR | $1,860 | $265,779 | 0.7% | D |
U.S. Census Bureau data (2024)
The real estate market in Pine City, NY (ZIP 14871), presents a unique setup for both short-term and long-term investors. With a median home value of $193,973, the area remains affordable compared to many other regions across the country. The fact that there is currently no available percentage of listings being reduced signals a stable market, indicating that sellers are holding firm on their asking prices, which could imply strong pricing power for landlords and small-portfolio investors.
The median days on market (DOM) being listed as N/A suggests either a very active market where homes sell quickly, or an issue with the data collection process. Assuming the former, quick sales typically indicate a robust demand for housing, further supporting the notion of strong pricing power. This stability and potential for quick sales can be advantageous for those looking to turn a profit through property flipping or seeking to maintain consistent rental income.
On the rental side, the Federal Market Rent (FMR) for ZIP 14871 is set at $1,360 for fiscal year 2024, while the current market rate based on Census ACS data stands at $1,002. This significant gap between the FMR and the actual market rate suggests that landlords in Pine City have room to increase rents without deterring tenants. As government programs like Section 8 often use the FMR as a benchmark, this could lead to higher subsidies covering rents, making it more attractive for landlords to participate in such programs and potentially increasing their rental income.
For long-hold investors, the setup in Pine City implies a realistic appreciation thesis. Given the relatively low median home value and the potential for increased rental income, the area may see gradual price increases as the market adjusts to the rising cost of living and the influx of rental subsidies. However, the lack of historical data on price reductions and DOM makes it difficult to establish a trend, thus the appreciation should be considered moderate and steady rather than rapid.
In summary, the current real estate landscape in Pine City, NY, supports strong pricing power for landlords and small-portfolio investors. The combination of a stable median home value, the potential for quick sales, and the disparity between the FMR and actual market rental rates all point towards a favorable environment for maintaining and growing investment returns.
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.