Location: Allegany County, NY | Metro: Rochester, NY MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,010 |
| 1 Bedroom | $1,140 |
| 2 Bedrooms | $1,420 |
| 3 Bedrooms | $1,710 |
| 4 Bedrooms | $1,880 |
| 5 Bedrooms | $2,181 |
| 6 Bedrooms | $2,443 |
| 7 Bedrooms | $2,638 |
| 8 Bedrooms | $2,770 |
U.S. Census Bureau data (2024)
The ZIP code 14884 is situated in a small, tight-knit community with a total population of 362 residents. Only 9.5% of these residents are renters, indicating a predominantly owner-occupied area. The median household income in this region stands at $48,750, which suggests a middle-class demographic. The median home value is $147,758, reflecting an affordable housing market.
From an investment perspective, the Federal Market Rent (FMR) for ZIP 14884 in fiscal year 2024 is set at $1160. However, the actual market rent, according to the Census Bureau's American Community Survey (ACS), is lower at $920. This discrepancy between the FMR and the market rent can be advantageous for landlords participating in the Section 8 program, as it allows them to potentially charge higher rents compared to the local market rate without exceeding the FMR cap.
Given the characteristics of ZIP 14884, it appears to be more suitable for a hands-off voucher operator rather than a hands-on value-add buyer. The low percentage of renters indicates a limited demand for rental properties, and the small population size means that there is a smaller pool of potential tenants overall. For those looking to manage a few properties with minimal effort, the Section 8 program could provide a stable source of income with less risk compared to other areas with higher rental demands. The relatively low median income also implies that the majority of tenants would likely qualify for the program, further solidifying its appeal for hands-off management.
Data Sources: FMR data from HUD (2027). 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.