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 | $870 |
| 1 Bedroom | $890 |
| 2 Bedrooms | $1,160 |
| 3 Bedrooms | $1,450 |
| 4 Bedrooms | $1,550 |
| 5 Bedrooms | $1,798 |
| 6 Bedrooms | $2,014 |
| 7 Bedrooms | $2,175 |
| 8 Bedrooms | $2,284 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,160 | $98,048 | 1.18% | B |
| 3BR | $1,450 | $118,257 | 1.23% | A |
| 4BR | $1,550 | $123,530 | 1.25% | A |
| 5BR | $1,798 | $134,672 | 1.34% | A |
U.S. Census Bureau data (2024)
The ZIP code 14901, located in Elmira, NY, presents an interesting balance between yield and stability for real estate investments, particularly for those interested in Section 8 properties.
Firstly, let's consider the yield. The Fair Market Rent (FMR) for ZIP 14901 is set at $1010 for fiscal year 2024, which is notably higher than the average market rent of $873. This indicates a potential for higher rental income when targeting Section 8 tenants, who are guaranteed to pay the FMR. Additionally, the median home value of $105,446 suggests that the area is relatively affordable for property acquisition, further enhancing the yield potential.
Moving on to stability, ZIP 14901 has a significant portion of its population renting—50.2% of households are renters. This high percentage of renters provides a stable demand for rental properties. However, the lack of data on the number of days on market (DOM) could indicate some variability in the local real estate market's speed and efficiency. Lastly, the median household income of $40,989 reflects a moderate economic environment, which supports the presence of Section 8 tenants but also suggests that there might be limited upward mobility for residents.
Given these factors, ZIP 14901 can be classified as a steady-cashflow zone rather than a high-yield/low-stability flip-style market. The higher FMR compared to the market rent ensures a reliable income stream for landlords, while the substantial proportion of renters and moderate income levels contribute to the stability of the tenant base. Investors should focus on long-term holdings rather than short-term flips due to the moderate economic conditions and the absence of data indicating rapid market turnover.
To summarize, the key figures driving this assessment are the $1010 FMR, $873 market rent, and the 50.2% rental rate. These indicate a market where steady cash flow is achievable through Section 8 properties without the risks associated with highly volatile 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.