Location: Elmira, 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 | $860 |
| 1 Bedroom | $890 |
| 2 Bedrooms | $1,160 |
| 3 Bedrooms | $1,450 |
| 4 Bedrooms | $1,550 |
| 5 Bedrooms | $1,798 |
| 6 Bedrooms | $2,014 |
| 7 Bedrooms | $2,175 |
| 8 Bedrooms | $2,284 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $1,450 | $196,786 | 0.74% | D |
U.S. Census Bureau data (2024)
A skeptical investor looking at ZIP code 14872 might raise several concerns regarding the feasibility of participating in the Section 8 program. Here's how the data addresses those points.
Will FMR $940 (zip FY 2024) cover the mortgage on a $158,234 home?
The Fair Market Rent (FMR) for ZIP 14872 stands at $940 for fiscal year 2024. This amount needs to be compared against the mortgage costs of a typical home valued at $158,234. According to standard calculations, a mortgage payment for such a property could range widely depending on interest rates and loan terms. Assuming a 30-year fixed-rate mortgage with an average rate, the monthly payment might not be fully covered by the FMR alone. However, investors can consider the equity they already have in the property, as well as potential tax benefits and other incentives that can make up the difference. The FMR should be seen as a starting point rather than a definitive end-all figure for mortgage coverage.
Is there enough renter demand at 39.1%?
The rental demand in ZIP 14872 is indicated by the percentage of households renting, which is 39.1%. While this figure is significant, it's important to note that it does not directly translate into guaranteed demand for Section 8 properties. The actual number of renters who qualify for the Section 8 program and are interested in the area must be considered. The data does not provide a breakdown of the demand specifically for subsidized housing, so further research into local tenant demographics and preferences would be advisable. Nevertheless, the overall rental market appears to be moderately active, suggesting a reasonable chance for finding tenants.
Will vouchers keep pace with $790 market rents?
The average market rent in ZIP 14872 is $790. Given that the FMR is set higher at $940, landlords who accept Section 8 vouchers should find that the subsidy levels are adequate to meet market rents. However, the effectiveness of vouchers in keeping pace with market rents depends on the timely adjustment of voucher amounts by the Housing Authority. If adjustments lag behind inflation or market trends, landlords might face challenges in maintaining profitability. The data provided does not offer insights into the historical accuracy of voucher adjustments relative to market conditions, so caution is advised when relying solely on voucher payments to cover rent.
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.