Location: Allegany County, NY | Metro: Allegany County, NY
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 | $800 |
| 1 Bedroom | $800 |
| 2 Bedrooms | $1,050 |
| 3 Bedrooms | $1,300 |
| 4 Bedrooms | $1,660 |
| 5 Bedrooms | $1,926 |
| 6 Bedrooms | $2,157 |
| 7 Bedrooms | $2,330 |
| 8 Bedrooms | $2,447 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,050 | $124,617 | 0.84% | C |
| 3BR | $1,300 | $153,991 | 0.84% | C |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 14880, which includes Scio, NY, is set at $1,020 per month for the metro area in fiscal year 2026. This figure represents the payment standard under the Section 8 housing choice voucher program. It does not dictate the rent you can charge but rather the maximum amount the government will pay on behalf of eligible tenants.
To put this into perspective, the average monthly rent for ZIP 14880, based on recent Census American Community Survey (ACS) data, is $827. This means that the FMR is higher than the typical market rate, providing an opportunity for landlords to receive slightly above-average payments for their properties.
The local renter share stands at 10.5%, indicating the portion of the population that rents. This suggests a steady demand for rental properties, making it a viable option for landlords looking to enter the Section 8 market. However, it's important to note that while demand exists, it might not be as high as in more densely populated areas.
In terms of property acquisition, the median home value in Scio, NY, is around $135,444. This figure can help you estimate the potential costs associated with purchasing a property for your Section 8 rental portfolio. Keep in mind that property values can vary widely depending on the condition, location, and size of the property.
Before committing to a Section 8 rental property in Scio, NY, ensure that the property meets all Housing Quality Standards (HQS) requirements. These standards are set by the Department of Housing and Urban Development (HUD) and must be satisfied for a property to participate in the program. Verifying HQS compliance upfront will save you time and money in the long run.
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.