Location: Nassau-Suffolk, NY | Metro: Nassau-Suffolk, NY HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,950 |
| 1 Bedroom | $2,270 |
| 2 Bedrooms | $2,670 |
| 3 Bedrooms | $3,430 |
| 4 Bedrooms | $3,650 |
| 5 Bedrooms | $4,234 |
| 6 Bedrooms | $4,742 |
| 7 Bedrooms | $5,121 |
| 8 Bedrooms | $5,377 |
U.S. Census Bureau data (2024)
The HUD Fair Market Rent (FMR) for ZIP 06390 in Fishers Island, NY, is set at $2470 for the fiscal year 2024. This figure represents the amount that voucher tenants can expect to pay for housing under the Section 8 program. However, the market rent in ZIP 06390 is significantly higher, with recent data indicating typical monthly housing costs for renter households ranging from $300 to $499 for smaller units, but this does not reflect the overall market conditions for larger units which are more common.
To provide a comprehensive analysis, we need to consider the median home value in ZIP 06390. According to recent data, the median home value for this area is $500,000. With the HUD FMR at $2470, the rent-to-price ratio is approximately 5.94%, calculated by dividing the annual rent ($2470 * 12 months) by the median home value ($500,000).
This low rent-to-price ratio suggests that voucher tenants would generally not cashflow at the HUD FMR rate. Instead, they would likely require premium units to break even or achieve positive cash flow. The dynamics between renting and buying in this area are skewed towards higher costs for both, making it less attractive for voucher tenants seeking to rent.
While the median Days on Market (DOM) and the percentage of price cuts are not available for ZIP 06390, these factors typically play a role in determining the strength of the rental market versus the home purchase market. In ZIP 06390, the strong investor angle is stability. Despite the high cost of living and the disparity between market rents and HUD FMRs, the island's unique location and limited supply of properties ensure consistent demand from long-term residents and vacationers alike.
Data Sources: FMR data from HUD (2027). Demographics from U.S. Census (2024).
About FMR: Fair Market Rent (FMR) is used to determine payment standards for the Section 8 Housing Choice Voucher program, initial renewal rents for some expiring project-based Section 8 contracts, and rent ceilings for HOME Investment Partnerships.