Location: Seneca County, NY | Metro: Ithaca, 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: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,580 | $273,326 | 0.58% | F |
| 3BR | $1,900 | $342,903 | 0.55% | F |
| 4BR | $2,370 | $438,209 | 0.54% | F |
| 5BR | $2,749 | $551,512 | 0.5% | F |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 14886, Trumansburg, NY, is set at $1530 for fiscal year 2024. This figure represents the payment standard for Section 8 housing vouchers, meaning that if you participate in the program, you will receive up to $1530 per month from the government to cover the rent for eligible tenants.
However, it's important to note that this does not necessarily mean your tenants will pay $1530. The actual rent paid by the tenant can be lower, based on their income. For instance, the average rent in Trumansburg, NY, according to the Census Bureau's American Community Survey, is $982 per month. This indicates that the typical market rent is below the FMR, which could affect the overall financial dynamics of your investment.
The FMR also gives you an idea of the potential demand for rental properties in Trumansburg. With 19.4% of the population being renters, there is a significant pool of individuals who might benefit from Section 8 vouchers and could be interested in renting from you. However, this percentage must be considered alongside the local median rent to gauge realistic occupancy rates.
If you're looking to acquire a property in this area, the median home value is around $328,463. This suggests that while the initial investment might be substantial, the Section 8 program can provide a stable income stream, especially given the payment standard of $1530 per month.
Before proceeding with your first Section 8 rental, ensure you verify the following: the property must meet the Housing Quality Standards (HQS) required by the Department of Housing and Urban Development (HUD). These standards are designed to ensure that the homes rented through Section 8 are safe, decent, and sanitary. HUD provides a checklist that you can use to assess whether your property meets these criteria.
In conclusion, the FMR of $1530 offers a benchmark for the maximum rent subsidy you can receive, while the local average rent of $982 and the 19.4% renter share indicate the local market conditions and potential demand. The median home value of $328,463 gives insight into the acquisition costs. Make sure your property meets HQS to avoid any issues once you enter the program.
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.