Location: Nassau-Suffolk, NY | Metro: Nassau-Suffolk, NY HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,980 |
| 1 Bedroom | $2,300 |
| 2 Bedrooms | $2,710 |
| 3 Bedrooms | $3,490 |
| 4 Bedrooms | $3,700 |
| 5 Bedrooms | $4,292 |
| 6 Bedrooms | $4,807 |
| 7 Bedrooms | $5,192 |
| 8 Bedrooms | $5,452 |
The Section 8 market in ZIP code 11002 presents a unique set of challenges and opportunities for landlords and small-portfolio investors. The HUD Fair Market Rent (FMR) for this area is set at $2550 for fiscal year 2024. However, the lack of available market rent data means that direct comparisons cannot be made, which complicates the assessment of cash flow potential.
Voucher tenants in ZIP 11002 will typically cashflow at the FMR rate, assuming the landlord's properties are priced around the HUD FMR. This implies that landlords should not expect significant profit margins over and above the FMR, unless they manage to secure premium units that command higher rents due to superior amenities or location.
The median home value in the area is currently unavailable, making it difficult to calculate an exact rent-to-price ratio. Nonetheless, the absence of this data does not detract from the importance of understanding local real estate trends, which can still inform investment decisions regarding the stability and long-term prospects of rental properties.
With no data on the median days on market (DOM) or the percentage of price cuts, investors must rely on other indicators to gauge the rent-versus-buy dynamics. These might include vacancy rates, local economic conditions, and the overall health of the housing market.
The strongest angle for investors in ZIP 11002 is likely stability. Given the reliance on HUD FMR for determining rental income, there is a predictable and consistent source of cash flow for landlords who participate in the Section 8 program. This predictability can be a significant advantage in a volatile real estate market, ensuring steady returns without the need for frequent rent adjustments or property upgrades.
Data Sources: FMR data from HUD (2027).
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.