Location: Elmira, NY | Metro: Binghamton, 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 | $930 |
| 2 Bedrooms | $1,190 |
| 3 Bedrooms | $1,490 |
| 4 Bedrooms | $1,710 |
| 5 Bedrooms | $1,984 |
| 6 Bedrooms | $2,222 |
| 7 Bedrooms | $2,400 |
| 8 Bedrooms | $2,520 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,190 | $144,606 | 0.82% | C |
| 3BR | $1,490 | $176,702 | 0.84% | C |
| 4BR | $1,710 | $189,878 | 0.9% | C |
U.S. Census Bureau data (2024)
The ZIP code 14892, located in Waverly, NY, stands out within Tioga County due to its unique demographic and economic profile. With a total population of 7,703 residents, it has a relatively high rental rate of 27.9%, indicating a significant portion of its inhabitants prefer leasing over homeownership. The median income in this area is reported at $54,043, which is a modest figure when compared to the median home value of $160,131, suggesting that homeownership is less accessible for many residents.
Moving into the specifics of Section 8 housing, the Fair Market Rent (FMR) for ZIP 14892 for fiscal year 2024 is set at $1,080. This is notably higher than the market rent average of $959, based on Census ACS data. Landlords and small-portfolio investors should take note of this discrepancy as it can provide a financial advantage. By participating in the Section 8 program, landlords can receive a guaranteed rent amount that exceeds the typical market rate, thereby ensuring steady income and potentially reducing vacancy rates.
The data signature for ZIP 14892 reads as stable. The consistent population size, combined with a moderate income level and a higher-than-market FMR, suggests a balanced environment where both landlords and tenants can find reasonable stability. For those looking to invest in this area, the Section 8 program presents a reliable option for securing a steady stream of rental income without the volatility often associated with transitional markets.
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.