14203

ZIPSAFMR

Erie County, NY

ZIP Investment Score

095130300

BR	FMR	Eff. Rent	3Y CAGR
0 BR	$1,630	$1,100	6.7%
1 BR	$1,670	$1,410	6.1%
2 BR	$1,970	$1,810	6.3%
3 BR	$2,400	$1,800	6.1%
4 BR	$2,740	$1,710	6.6%
5 BR	$3,151	Not available	6.6%
6 BR	$3,624	Not available	6.6%
7 BR	$4,167	Not available	6.6%
8 BR	$4,792	Not available	6.6%

Purchase Price Calculator

Maximum purchase price

$207,049

Cost breakdown

+Likely effective rent$1,810

HUD FMR$1,970

Market rentUsed$1,810

Est. payment standard (95%)$1,870

-Principal and interest-$1,047

Loan amount$165,639

Down payment$41,410

Rate6.50%

Term30 years

-Operating costs-$563

Property taxes-$207

Insurance-$175

Utilities$0

HOA$0

Management-$181

=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

+$29,055(70.2% ROI)

Projected value

$222,969

Return breakdown

Property appreciation+$15,920

Loan principal paid down+$5,934

Rental cash flow+$7,200

5-year hold

+$49,791(120.2% ROI)

Projected value

$234,257

Return breakdown

Property appreciation+$27,208

Loan principal paid down+$10,583

Rental cash flow+$12,000

10-year hold

+$107,208(258.9% ROI)

Projected value

$265,040

Return breakdown

Property appreciation+$57,991

Loan principal paid down+$25,217

Rental cash flow+$24,000

Public Housing Authority

Rolodex

Market Alignment

Studio

1.48ratio

FMR$1,630

Market$1,100

vs market+$530

FMR is above market; underwrite to market rent.

1.48

1 BR

1.18ratio

FMR$1,670

Market$1,410

vs market+$260

FMR is above market; underwrite to market rent.

1.18

2 BR

1.09ratio

FMR$1,970

Market$1,810

vs market+$160

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

1.09

3 BR

1.33ratio

FMR$2,400

Market$1,800

vs market+$600

FMR is above market; underwrite to market rent.

1.33

4 BR

1.60ratio

FMR$2,740

Market$1,710

vs market+$1,030

FMR is above market; underwrite to market rent.

1.60

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 14203 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 14203 (Buffalo, NY) is $1,970 a month. That is up 3.1% from $1,910 in FY 2026. Buffalo 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 89 ZIP codes in Erie County, 14203 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 14203 is 42% above it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 14203
Bedrooms	FY 2026	FY 2027	Change	90–110% range
Studio	$1,570	$1,630	+3.8%	$1,467–$1,793
1BR	$1,620	$1,670	+3.1%	$1,503–$1,837
2BR	$1,910	$1,970	+3.1%	$1,773–$2,167
3BR	$2,330	$2,400	+3.0%	$2,160–$2,640
4BR	$2,660	$2,740	+3.0%	$2,466–$3,014

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 14203
Fiscal year	Studio	1BR	2BR	3BR	4BR
FY 2027	$1,630	$1,670	$1,970	$2,400	$2,740
FY 2026	$1,570	$1,620	$1,910	$2,330	$2,660
FY 2025	$1,360	$1,400	$1,650	$2,020	$2,280
FY 2024	$1,340	$1,400	$1,640	$2,010	$2,260
FY 2023	$1,210	$1,270	$1,490	$1,830	$2,050

Two-bedroom rent in nearby Erie County ZIP codes

FY 2027 two-bedroom Small Area FMR by ZIP code
ZIP code	2 bedroom	vs. 14203
14201	$1,450	−26.4%
14202	$1,500	−23.9%
14203Current	$1,970	—
14204	$1,200	−39.1%
14205	$1,460	−25.9%
14206	$1,230	−37.6%
14207	$1,340	−32.0%
14208	$1,300	−34.0%
14209	$1,450	−26.4%
14210	$1,310	−33.5%
14211	$1,400	−28.9%
14212	$1,280	−35.0%

Questions about ZIP 14203 rents

How much will Section 8 pay for a two-bedroom in ZIP 14203?

Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With a two-bedroom FMR of $1,970, that basic range is $1,773 to $2,167 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 14203 in?

ZIP 14203 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 14203 for FY 2027?

The two-bedroom FMR rose 3.1%, from $1,910 in FY 2026 to $1,970 in FY 2027. Since FY 2023 it has risen 32.2%.

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 Buffalo, NY fair market rent NY statewide rents What is SAFMR?Data sources