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 | $1,010 |
| 1 Bedroom | $1,020 |
| 2 Bedrooms | $1,340 |
| 3 Bedrooms | $1,630 |
| 4 Bedrooms | $1,780 |
| 5 Bedrooms | $2,065 |
| 6 Bedrooms | $2,313 |
| 7 Bedrooms | $2,498 |
| 8 Bedrooms | $2,623 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,340 | $99,868 | 1.34% | A |
| 3BR | $1,630 | $112,825 | 1.44% | A |
| 4BR | $1,780 | $118,755 | 1.5% | A |
| 5BR | $2,065 | $105,623 | 1.96% | A+ |
U.S. Census Bureau data (2024)
The potential risks for a Section 8 landlord in ZIP code 14904, Elmira, NY, are significant. Tenant turnover can be expected to increase due to the gap between the market rent of $1,070 and the Fair Market Rent (FMR) of $1,170 for fiscal year 2024. This discrepancy suggests that tenants might struggle to find additional funds beyond their voucher amount, leading to higher turnover rates.
Vacancy exposure is another concern, as the days on market (DOM) for rental properties in Elmira is not available. This lack of data makes it difficult to predict how long properties might remain vacant, which can significantly impact cash flow.
Deferred maintenance is also a risk, given the typical home value of $98,868 and the median income of $53,174. Landlords should expect that some tenants might not prioritize property upkeep, leading to potential maintenance costs that exceed the average income level of residents.
However, these risks must be weighed against the high renter share of 37.8%. High renter density typically translates into a higher demand for housing vouchers, which can stabilize occupancy rates. The presence of many renters often indicates a robust need for affordable housing options, which can be filled by Section 8 properties.
Verdict: Moderate risk for a first-time Section 8 landlord.
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.