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Erie County/Buffalo/14204

14204

ZIPSAFMR
Erie County, NY
Zillow

ZIP Investment Score

144High yield potential

095130300
BRFMR
Eff. Rent
0 BR$990$1,080
1 BR$1,010$1,110
2 BR$1,200$1,320
3 BR$1,460$1,610
4 BR$1,670$1,840
5 BR$1,920Not available
6 BR$2,209Not available
7 BR$2,540Not available
8 BR$2,921Not available

Purchase Price Calculator

Maximum purchase price
$134,235

Cost breakdown

+Likely effective rent$1,320
HUD FMR$1,200
Market rent$1,830
Est. payment standard (110%)Used$1,320
-Principal and interest-$679
Loan amount$107,388
Down payment$26,847
Rate6.50%
Term30 years
-Operating costs-$441
Property taxes-$134
Insurance-$175
Utilities$0
HOA$0
Management-$132
=Target cash flow+$200
Calculation mode

Hold period projections

Annual appreciation rate
3-year hold
+$21,369(79.6% ROI)
Projected value
$144,556
Return breakdown
Property appreciation+$10,321
Loan principal paid down+$3,847
Rental cash flow+$7,200
5-year hold
+$36,501(136.0% ROI)
Projected value
$151,875
Return breakdown
Property appreciation+$17,640
Loan principal paid down+$6,861
Rental cash flow+$12,000
10-year hold
+$77,946(290.3% ROI)
Projected value
$171,832
Return breakdown
Property appreciation+$37,597
Loan principal paid down+$16,349
Rental cash flow+$24,000

Public Housing Authority

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Rolodex

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Market Alignment

Studio
0.88
1 BR
0.65
2 BR
0.66
3 BR
0.71
4 BR
0.82
0.701.001.30aligned range
Historical
FY 2023-2027
FMR
FY2027
Market rent
last ~365 days
Property value
--
Tax rate
--
Mortgage rate
--

ZIP 14204 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 14204 (Buffalo, NY) is $1,200 a month. That is up 5.3% from $1,140 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, 14204 has the 74th-highest two-bedroom rent (county range $1,010–$2,130). The median county two-bedroom FMR in New York is $1,385, so ZIP 14204 is 13% below it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 14204
BedroomsFY 2027Change90–110% range
Studio$990+5.3%$891–$1,089
1BR$1,010+4.1%$909–$1,111
2BR$1,200+5.3%$1,080–$1,320
3BR$1,460+5.0%$1,314–$1,606
4BR$1,670+5.0%$1,503–$1,837

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 14204
Fiscal yearStudio1BR2BR3BR4BR
FY 2027$990$1,010$1,200$1,460$1,670
FY 2026$940$970$1,140$1,390$1,590
FY 2025$860$900$1,050$1,290$1,450
FY 2024$800$840$980$1,200$1,350
FY 2023$720$750$880$1,080$1,210

Two-bedroom rent in nearby Erie County ZIP codes

FY 2027 two-bedroom Small Area FMR by ZIP code
ZIP code2 bedroomvs. 14204
14201$1,450+20.8%
14202$1,500+25.0%
14203$1,970+64.2%
14204Current$1,200—
14205$1,460+21.7%
14206$1,230+2.5%
14207$1,340+11.7%
14208$1,300+8.3%
14209$1,450+20.8%
14210$1,310+9.2%
14211$1,400+16.7%
14212$1,280+6.7%

Questions about ZIP 14204 rents

How much will Section 8 pay for a two-bedroom in ZIP 14204?

Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With a two-bedroom FMR of $1,200, that basic range is $1,080 to $1,320 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 14204 in?

ZIP 14204 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 14204 for FY 2027?

The two-bedroom FMR rose 5.3%, from $1,140 in FY 2026 to $1,200 in FY 2027. Since FY 2023 it has risen 36.4%.

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 rentBuffalo, NY fair market rentNY statewide rentsWhat is SAFMR?Data sources