Location: Nassau-Suffolk, 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 | $1,880 |
| 1 Bedroom | $2,180 |
| 2 Bedrooms | $2,570 |
| 3 Bedrooms | $3,310 |
| 4 Bedrooms | $3,510 |
| 5 Bedrooms | $4,072 |
| 6 Bedrooms | $4,561 |
| 7 Bedrooms | $4,926 |
| 8 Bedrooms | $5,172 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $2,570 | $637,090 | 0.4% | F |
| 3BR | $3,310 | $1,273,388 | 0.26% | F |
| 4BR | $3,510 | $1,843,252 | 0.19% | F |
| 5BR | $4,072 | $2,406,459 | 0.17% | F |
U.S. Census Bureau data (2024)
The classification of ZIP code 11021, Great Neck, NY, on the axes of yield and stability reveals a nuanced investment opportunity. On the yield axis, the Fair Market Rent (FMR) for 2024 is set at $2,510. This figure represents the government's estimate of what a tenant would pay under Section 8 for a rental property. In comparison, the market rent stands at $3,825, indicating a significant premium over FMR. The median home value of $1,099,662 further underscores the affluent nature of the area, where rental properties can command higher rates.
Moving to the stability axis, the percentage of renters is 29.6%, which is relatively low. This suggests that the majority of residents prefer homeownership, which is consistent with the high median home value. The days on market (DOM) average of 46 days indicates a moderately quick turnover rate for rental listings, suggesting a reasonable demand for rental units. However, the median household income of $120,230 provides a strong financial foundation for tenants, reducing the risk of default and enhancing overall stability.
Given these figures, ZIP 11021 does not fit neatly into either a high-yield/low-stability flip-style market or a steady-cashflow zone. Instead, it represents a middle ground. The high market rent relative to FMR suggests decent yields, especially for those willing to manage properties outside of Section 8. However, the relatively low percentage of renters and the solid income levels indicate a stable environment where defaults are less likely, making it suitable for long-term investments rather than quick flips.
To summarize, the area offers a balanced approach with moderate yields and stability. Landlords and small-portfolio investors should focus on properties that can attract tenants willing to pay above FMR, while also considering the potential for long-term tenancy given the financial strength of the local population.
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.