Location: Elmira, NY | Metro: Elmira, 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 | $1,110 |
| 1 Bedroom | $1,120 |
| 2 Bedrooms | $1,460 |
| 3 Bedrooms | $1,780 |
| 4 Bedrooms | $1,940 |
| 5 Bedrooms | $2,250 |
| 6 Bedrooms | $2,520 |
| 7 Bedrooms | $2,722 |
| 8 Bedrooms | $2,858 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $1,780 | $180,373 | 0.99% | C |
U.S. Census Bureau data (2024)
The ZIP code 14894 is situated in a small, suburban neighborhood characterized by a modest population of 1,244 residents. Only 14.5% of these residents are renters, indicating a predominantly owner-occupied area. The median household income in this region stands at $51,250, reflecting a middle-class community. Median home values are relatively low at $155,487, suggesting that property ownership is accessible to many local families.
When it comes to rental economics, the Fair Market Rent (FMR) for ZIP 14894 as of the fiscal year 2024 is set at $1,320. This figure contrasts with the actual market rent, which according to the Census Bureau's American Community Survey (ACS), averages around $950. The gap between the FMR and the market rent implies a potential opportunity for landlords who can leverage the higher FMR rates to increase their rental income.
Given these economic conditions, ZIP 14894 would be suitable for both hands-off voucher operators and hands-on value-add buyers. For hands-off operators, the higher FMR rate ensures steady income without the need for active management, as tenants receiving Section 8 vouchers will cover the rent up to the FMR limit. On the other hand, value-add buyers could focus on improving properties to command rents closer to the FMR, thereby increasing profitability. However, due to the low percentage of renters, there might be limited opportunities for large-scale rental operations. Small-portfolio investors looking to diversify their holdings with a mix of owner-occupied and rental properties would find this ZIP code particularly appealing.
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.