Location: Steuben County, NY | Metro: Schuyler County, NY
| Unit Size | Monthly FMR |
|---|---|
| Studio | $780 |
| 1 Bedroom | $810 |
| 2 Bedrooms | $1,040 |
| 3 Bedrooms | $1,360 |
| 4 Bedrooms | $1,700 |
| 5 Bedrooms | $1,972 |
| 6 Bedrooms | $2,209 |
| 7 Bedrooms | $2,386 |
| 8 Bedrooms | $2,505 |
U.S. Census Bureau data (2024)
The ZIP code 14893 presents a unique scenario for both renters and landlords due to its extremely low population and virtually non-existent rental market. With only 37 residents and 0.0% of them being renters, the area is predominantly owner-occupied, which significantly limits the pool of potential tenants.
The median income figure is not available, making it challenging to assess the average household's ability to pay market rates. However, given the lack of rental data, we cannot determine if households can afford the unspecified market rate. This absence of information underscores the need for landlords to conduct thorough local market research to set competitive and realistic rental prices.
In contrast to the unknown market rate, the Fair Market Rent (FMR) for the metro area in fiscal year 2026 is set at $1,030. This figure represents the government's benchmark for determining the maximum payment standard for housing vouchers. For a household relying on a voucher, this would be the upper limit they could contribute towards rent, meaning landlords should consider setting their rental rates at or below this amount to attract voucher-assisted tenants.
The scarcity of renters in ZIP 14893 means there is little to no competition among landlords for tenants. This situation can work in favor of landlords who are willing to cater to voucher recipients, as they will likely have a steady stream of income with minimal risk of vacancy. However, the low population also implies a smaller overall market size, which could affect the number of potential tenants regardless of their payment method.
Takeaway: Landlords in ZIP 14893 must carefully evaluate the local demand and consider focusing on attracting voucher recipients, given the limited rental market and the defined FMR of $1,030. Setting rates above this could exclude those relying on assistance, potentially leading to higher vacancy rates. The strategy should balance the stability offered by voucher programs against the broader economic context of the area.
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.