Location: New York, NY | Metro: Nassau-Suffolk, NY HUD Metro FMR Area
Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)
| Unit Size | Monthly FMR |
|---|---|
| Studio | $2,280 |
| 1 Bedroom | $2,390 |
| 2 Bedrooms | $2,690 |
| 3 Bedrooms | $3,450 |
| 4 Bedrooms | $3,680 |
| 5 Bedrooms | $4,269 |
| 6 Bedrooms | $4,781 |
| 7 Bedrooms | $5,163 |
| 8 Bedrooms | $5,421 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $2,690 | $734,344 | 0.37% | F |
| 3BR | $3,450 | $886,872 | 0.39% | F |
| 4BR | $3,680 | $934,206 | 0.39% | F |
| 5BR | $4,269 | $1,052,256 | 0.41% | F |
U.S. Census Bureau data (2024)
In ZIP code 11001, which encompasses Floral Park, NY, in Nassau County, the Section 8 program operates under specific economic parameters that landlords need to understand. For fiscal year 2024, the SAFMR (Small Area Fair Market Rent) for a two-bedroom apartment in this ZIP code is set at $2,500. This figure represents the maximum amount that a landlord can charge for rent while still being eligible for the Section 8 housing assistance.
The local market rent, according to the Census ACS (American Community Survey), is currently at $2,170 for a two-bedroom unit. This indicates that the SAFMR for ZIP 11001 is above the average market rent, which can be advantageous for landlords who participate in the program.
A voucher payment under Section 8 consists of two parts: the tenant's portion and the government subsidy. The tenant is responsible for paying 30% of their adjusted income towards rent. If we assume an average adjusted income for a household in this area, the tenant's contribution would typically be around $651. This amount covers the rent and utilities, but not other costs such as parking or amenities.
The government subsidy, therefore, would cover the difference between the tenant's contribution and the SAFMR. In this case, it would be $1,849. However, this amount is subject to adjustments based on the actual rent charged by the landlord, which cannot exceed the SAFMR of $2,500. If the landlord charges exactly $2,500, the government would subsidize the remaining balance after the tenant's contribution, which would be $1,849.
Utility allowances are also provided by the government and vary depending on the size of the unit and the number of occupants. For a two-bedroom apartment, the allowance might range from $300 to $400 per month. This allowance is separate from the rent subsidy and is paid directly to the tenant to cover their utility expenses.
To summarize, if a landlord charges $2,500 for a two-bedroom unit, the total reimbursement received would be the sum of the tenant's contribution ($651) and the government subsidy ($1,849), equating to the full SAFMR of $2,500. There would be no surplus or deficit in this scenario as the reimbursement matches the rent charged.
If the landlord chooses to charge less than the SAFMR, say $2,170, which is closer to the local market rent, the reimbursement would still be calculated based on the same principles. The tenant would pay approximately $651, and the government would cover the rest, which would be $1,519. This would leave a surplus of $321 per month, compared to the local market rent.
Landlords should be aware that participating in the Section 8 program means adhering to HUD (Department of Housing and Urban Development) regulations and standards, including property inspections and maintenance requirements. Despite these obligations, the economics of Section 8 in ZIP 11001 can provide a stable and competitive rental income for landlords.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-07-31). 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.