14109

ZIPSAFMR

Niagara County, NY

ZIP Investment Score

095130300

BR	FMR	Eff. Rent	3Y CAGR
0 BR	$1,100	$1,060	7.3%
1 BR	$1,120	$1,020	6.4%
2 BR	$1,330	$1,460	6.5%
3 BR	$1,620	$1,780	6.5%
4 BR	$1,850	$2,040	6.8%
5 BR	$2,128	Not available	6.8%
6 BR	$2,447	Not available	6.8%
7 BR	$2,814	Not available	6.8%
8 BR	$3,236	Not available	6.8%

Purchase Price Calculator

Maximum purchase price

$155,039

Cost breakdown

+Likely effective rent$1,460

HUD FMR$1,330

Market rent$1,650

Est. payment standard (110%)Used$1,460

-Principal and interest-$784

Loan amount$124,031

Down payment$31,008

Rate6.50%

Term30 years

-Operating costs-$476

Property taxes-$155

Insurance-$175

Utilities$0

HOA$0

Management-$146

=Target cash flow+$200

Calculation mode

BedroomsCash-flow target

Down payment methodDown payment %

HOA / mo

Utilities methodUtilities amount

Management methodManagement % of rent

Hold period projections

Annual appreciation rate

3-year hold

+$23,565(76.0% ROI)

Projected value

$166,960

Return breakdown

Property appreciation+$11,921

Loan principal paid down+$4,444

Rental cash flow+$7,200

5-year hold

+$40,298(130.0% ROI)

Projected value

$175,412

Return breakdown

Property appreciation+$20,373

Loan principal paid down+$7,924

Rental cash flow+$12,000

10-year hold

+$86,306(278.3% ROI)

Projected value

$198,463

Return breakdown

Property appreciation+$43,424

Loan principal paid down+$18,882

Rental cash flow+$24,000

Public Housing Authority

Rolodex

Market Alignment

Studio

1.04ratio

FMR$1,100

Market$1,060

vs market+$40

FMR is near market; voucher and private rents are aligned.

1.04

1 BR

1.10ratio

FMR$1,120

Market$1,020

vs market+$100

FMR is near market; voucher and private rents are aligned.

1.10

2 BR

0.81ratio

FMR$1,330

Market$1,650

vs market-$320

FMR is below market; voucher rent may lag private rents.

0.81

3 BR

0.86ratio

FMR$1,620

Market$1,880

vs market-$260

FMR is below market; voucher rent may lag private rents.

0.86

4 BR

0.86ratio

FMR$1,850

Market$2,160

vs market-$310

FMR is below market; voucher rent may lag private rents.

0.86

0.700.800.901.001.101.201.30aligned range

Historical

FY 2023-2027

FMR: FY2027
Market rent: last ~365 days
Property value: --
Tax rate: --
Mortgage rate: --

ZIP 14109 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 14109 (Niagara University, NY) is $1,330 a month. That is up 4.7% from $1,270 in FY 2026. Niagara University is in the Buffalo-Cheektowaga, NY MSA, where HUD requires housing authorities to set voucher payment standards by ZIP code using Small Area FMRs. Among 27 ZIP codes in Niagara County, 14109 is tied for the 5th-highest two-bedroom rent (county range $1,010–$2,130). The median county two-bedroom FMR in New York is $1,385, so ZIP 14109 is 4% below it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 14109
Bedrooms	FY 2026	FY 2027	Change	90–110% range
Studio	$1,050	$1,100	+4.8%	$990–$1,210
1BR	$1,080	$1,120	+3.7%	$1,008–$1,232
2BR	$1,270	$1,330	+4.7%	$1,197–$1,463
3BR	$1,550	$1,620	+4.5%	$1,458–$1,782
4BR	$1,770	$1,850	+4.5%	$1,665–$2,035

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 14109
Fiscal year	Studio	1BR	2BR	3BR	4BR
FY 2027	$1,100	$1,120	$1,330	$1,620	$1,850
FY 2026	$1,050	$1,080	$1,270	$1,550	$1,770
FY 2025	$940	$970	$1,140	$1,400	$1,580
FY 2024	$890	$930	$1,100	$1,340	$1,520
FY 2023	$770	$810	$950	$1,160	$1,310

Two-bedroom rent in nearby Niagara County ZIP codes

FY 2027 two-bedroom Small Area FMR by ZIP code
ZIP code	2 bedroom	vs. 14109
14092	$1,330	0.0%
14094	$1,310	−1.5%
14095	$1,240	−6.8%
14098	$1,260	−5.3%
14103	$1,190	−10.5%
14105	$1,010	−24.1%
14107	$1,240	−6.8%
14108	$1,130	−15.0%
14109Current	$1,330	—
14120	$1,340	+0.8%
14126	$1,240	−6.8%
14131	$1,180	−11.3%

Questions about ZIP 14109 rents

How much will Section 8 pay for a two-bedroom in ZIP 14109?

Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With a two-bedroom FMR of $1,330, that basic range is $1,197 to $1,463 a month. The voucher pays the lower of the payment standard or the gross rent, minus the tenant's share, which is usually about 30% of adjusted monthly income. Confirm the local housing authority's current schedule before underwriting.

Which HUD fair market rent area is ZIP 14109 in?

ZIP 14109 is in the Buffalo-Cheektowaga, NY MSA. HUD requires Small Area FMRs in this area, so payment standards are set by ZIP code.

How much did fair market rent change in ZIP 14109 for FY 2027?

The two-bedroom FMR rose 4.7%, from $1,270 in FY 2026 to $1,330 in FY 2027. Since FY 2023 it has risen 40.0%.

When do FY 2027 fair market rents take effect?

HUD's FY 2027 fair market rents took effect on October 1, 2026. When FMRs change, housing authorities generally have up to three months to bring payment standards back within 90% to 110% of the new FMR.

Source: HUD FY 2027 Small Area Fair Market Rents and area FMRs. Payment-standard ranges are 90% to 110% of FMR, HUD's basic range, not a housing authority's published schedule. How payment standards are set

County fair market rent Niagara University, NY fair market rent NY statewide rents What is SAFMR?Data sources