FMR is near market; voucher and private rents are aligned.
0.94
1 BR
1 BR
0.99ratio
FMR$1,030
Market$1,040
vs market-$10
FMR is near market; voucher and private rents are aligned.
0.99
2 BR
2 BR
0.91ratio
FMR$1,350
Market$1,480
vs market-$130
FMR is near market; voucher and private rents are aligned.
0.91
3 BR
3 BR
1.04ratio
FMR$1,650
Market$1,580
vs market+$70
FMR is near market; voucher and private rents are aligned.
1.04
4 BR
4 BR
0.99ratio
FMR$1,800
Market$1,810
vs market-$10
FMR is near market; voucher and private rents are aligned.
0.99
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 14902 fair market rent, FY 2027
For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 14902 (Elmira, NY) is $1,350 a month. That is up 5.5% from $1,280 in FY 2026. Elmira is in the Elmira, NY MSA. HUD also publishes the ZIP-level Small Area FMRs shown here, but unless the local housing authority has adopted them, vouchers are based on the metro-wide two-bedroom FMR of $1,348. Among 24 ZIP codes in Chemung County, 14902 has the 15th-highest two-bedroom rent (county range $1,160–$1,760). The median county two-bedroom FMR in New York is $1,385, so ZIP 14902 is 3% below it.
FY 2027 rent by bedroom
FY 2027 fair market rent by bedroom for 14902
Bedrooms
FY 2026
FY 2027
Change
90–110% range
Studio
$950
$1,020
+7.4%
$918–$1,122
1BR
$980
$1,030
+5.1%
$927–$1,133
2BR
$1,280
$1,350
+5.5%
$1,215–$1,485
3BR
$1,600
$1,650
+3.1%
$1,485–$1,815
4BR
$1,710
$1,800
+5.3%
$1,620–$1,980
Fair market rent history, FY 2023–2027
Fair market rent by fiscal year for 14902
Fiscal year
Studio
1BR
2BR
3BR
4BR
FY 2027
$1,020
$1,030
$1,350
$1,650
$1,800
FY 2026
$950
$980
$1,280
$1,600
$1,710
FY 2025
$960
$980
$1,280
$1,620
$1,720
FY 2024
$910
$920
$1,210
$1,560
$1,700
FY 2023
$810
$810
$1,040
$1,330
$1,480
Two-bedroom rent in nearby Chemung County ZIP codes
How much will Section 8 pay for a two-bedroom in ZIP 14902?
Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With the metro-wide two-bedroom FMR of $1,348, which applies unless the housing authority uses Small Area FMRs, that basic range is $1,213 to $1,483 a month; under the ZIP-level Small Area FMR of $1,350 it would be $1,215 to $1,485. 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 14902 in?
ZIP 14902 is in the Elmira, NY MSA. Small Area FMRs are optional here; the metro-wide two-bedroom FMR is $1,348.
How much did fair market rent change in ZIP 14902 for FY 2027?
The two-bedroom FMR rose 5.5%, from $1,280 in FY 2026 to $1,350 in FY 2027. Since FY 2023 it has risen 29.8%.
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