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 | $2,710 |
| 1 Bedroom | $2,860 |
| 2 Bedrooms | $3,110 |
| 3 Bedrooms | $3,940 |
| 4 Bedrooms | $4,310 |
| 5 Bedrooms | $5,000 |
| 6 Bedrooms | $5,600 |
| 7 Bedrooms | $6,048 |
| 8 Bedrooms | $6,350 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $3,940 | $846,298 | 0.47% | F |
| 4BR | $4,310 | $924,359 | 0.47% | F |
U.S. Census Bureau data (2024)
The median income in ZIP code 11004 stands at $115,360, placing it in a relatively high-income bracket. However, when considering the market rate for rent at $1,977 per month, as reported by the Census ACS, it becomes evident that the cost of living is quite high. Despite the median income being substantial, the monthly rent represents a significant portion of household earnings, making housing less affordable.
In contrast, the Federal Market Rent (FMR) standard for voucher payments in ZIP 11004 for fiscal year 2024 is set at $2,820. This amount is notably higher than the market rate, indicating that voucher holders might have more financial flexibility when it comes to rent. The disparity between the market rate and the FMR suggests an affordability gap for regular renters, which could influence competition among landlords.
With 27.8% of the population renting and a total population of 13,615, there is a sizeable tenant pool. However, the affordability gap means that landlords may face challenges in attracting tenants who can consistently pay the market rate without financial assistance. Voucher holders, therefore, represent a stable source of income due to the higher FMR payment standards.
For landlords considering their rental strategy, the key takeaway is that accepting vouchers can be a viable option given the higher payment standards compared to the market rate. This approach can help secure long-term tenants and mitigate the risks associated with the affordability gap in the area. However, landlords should also consider the administrative requirements and potential delays in receiving payments when deciding on their strategy.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-08-31). 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.