Rental Benchmark Overview
2-Bedroom Benchmark Rent
$974$11,688 per year · HUD Fiscal Year 2026Fair market rent & 30% rule in Allegany County, NY
Official HUD Fair Market Rents evaluated against local household income benchmarks.
Fair Market Rent Schedule & Wage Requirements: Allegany County, NY
Calculations assume standard housing affordability guidelines where shelter costs consume no more than 30% of gross income, based on full-time employment of 2,080 annual working hours.
| Bedroom Type | Monthly Rent | Annual Rent | Min. Annual Income | Hourly Wage (40h/wk) |
|---|---|---|---|---|
| Studio / Efficiency | $750 | $9,000 | $30,000 | $14.42/hr |
| 1-Bedroom Apartment | $754 | $9,048 | $30,160 | $14.50/hr |
| 2-Bedroom ApartmentStandard Benchmark | $974 | $11,688 | $38,960 | $18.73/hr |
| 3-Bedroom Home | $1,243 | $14,916 | $49,720 | $23.90/hr |
| 4-Bedroom Home | $1,464 | $17,568 | $58,560 | $28.15/hr |
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Frequently Asked Questions About Rent in Allegany County, NY
What is the Fair Market Rent for a 2-bedroom in Allegany County, NY?
For Fiscal Year 2026, the official HUD Fair Market Rent for a 2-bedroom home in Allegany County, NY is $974 per month ($11,688 per year).
What hourly wage is needed to afford rent in Allegany County, NY?
To comfortably afford a 2-bedroom apartment at $974/month without exceeding 30% of income on rent, a full-time worker (40 hours/week, 52 weeks/year) must earn at least $18.73 per hour ($38,960/year).
What are the HUD Fair Market Rents by bedroom count in Allegany County, NY?
Official 2026 HUD rents in Allegany County, NY are: Studio: $750/mo, 1-Bedroom: $754/mo, 2-Bedroom: $974/mo, 3-Bedroom: $1,243/mo, and 4-Bedroom: $1,464/mo.
How do HUD Fair Market Rents compare to local incomes in Allegany County, NY?
At the local Census ACS median household income of $62,869/year ($5,239/month), the benchmark 2-bedroom Fair Market Rent represents 18.6% of monthly income.
How is the 30% housing affordability standard calculated in Allegany County, NY?
The federal 30% rule states that housing costs should not exceed 30% of gross household income. For a 2-bedroom rent of $974/month, the required minimum annual gross income is calculated as ($974 × 12) ÷ 0.30 = $38,960 per year.