Location: Elmira, NY | Metro: Elmira, NY MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $950 |
| 1 Bedroom | $960 |
| 2 Bedrooms | $1,250 |
| 3 Bedrooms | $1,520 |
| 4 Bedrooms | $1,660 |
| 5 Bedrooms | $1,926 |
| 6 Bedrooms | $2,157 |
| 7 Bedrooms | $2,330 |
| 8 Bedrooms | $2,447 |
U.S. Census Bureau data (2024)
With a Fair Market Rent (FMR) of $1110 for ZIP 14903 (Elmira, NY) as of fiscal year 2024, landlords can expect to receive a competitive subsidy from the Section 8 program. The Census ACS reports a market rent of $991, indicating that the FMR is 12% higher than the average rental rate in the area. This discrepancy suggests that properties participating in the Section 8 program could potentially attract tenants who might otherwise struggle to afford local rents.
The median home value stands at $154,712, reflecting an affordable housing market where many homeowners could benefit from renting out their properties under Section 8. With a renter share of 34.8%, Elmira demonstrates a significant portion of the population already accustomed to renting, making it a suitable environment for landlords to consider the benefits of Section 8 participation.
A median income of $67,012 in Elmira highlights the economic context in which the housing market operates. Given this figure, many residents would likely qualify for the Section 8 program, thereby increasing the pool of potential tenants for landlords. However, the lack of data on days on market (DOM) and the percentage of price-cut shares indicates a need for further research into how quickly properties are rented and whether there is a trend of lowering prices to attract tenants.
In conclusion, the data points towards a favorable environment for landlords interested in the Section 8 program, with a higher FMR than market rent and a substantial renter share. The median income supports the idea that many residents would be eligible for assistance, ensuring a steady demand for subsidized rentals. Elmira, NY, is a good candidate for Section 8 investment.
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.