Section 8 Fair Market Rent (FMR) for ZIP 11024 - 2027

Location: Nassau-Suffolk, NY | Metro: Nassau-Suffolk, NY HUD Metro FMR Area

Investment Score for ZIP 11024

N/A

Monthly Rent (2BR)

$3,220

Median Price (2BR)

$N/A

1% Rule

Annual Yield

Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$2,350
1 Bedroom	$2,740
2 Bedrooms	$3,220
3 Bedrooms	$4,140
4 Bedrooms	$4,400
5 Bedrooms	$5,104
6 Bedrooms	$5,716
7 Bedrooms	$6,173
8 Bedrooms	$6,482

Investment Analysis by Bedroom Size

Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)

Bedrooms	Monthly FMR	Median Price	1% Rule	Grade
3BR	$4,140	$1,262,049	0.33%	F
4BR	$4,400	$2,022,283	0.22%	F
5BR	$5,104	$3,795,873	0.13%	F

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

9,155

Median Household Income

$175,300

Housing Units

2,510

Renter Percentage

19.2%

Occupancy Rate

91.0%

Renter Occupied

439

In ZIP code 11024, the economics of Section 8 vouchers can be quite favorable for landlords and small-portfolio investors, given the specific figures at play. The SAFMR (Section 8 Area FMR) for a two-bedroom apartment in this ZIP is set at $2850 per month for the fiscal year 2024. This figure represents the maximum amount that the Housing Choice Voucher program will pay towards the rent of a two-bedroom unit in this specific area.

Contrastingly, the local market rent for a two-bedroom apartment in ZIP 11024, according to Census ACS data, averages around $2,280 per month. This lower market rent compared to the SAFMR means that landlords can potentially benefit from a higher reimbursement rate when renting to tenants with vouchers.

To understand how much a voucher actually pays, consider the following breakdown:

The tenant is typically responsible for paying 30% of their adjusted income toward rent. If we assume an average adjusted income of $1,900 for a qualified tenant, their portion would be approximately $570 per month.
The voucher then covers the remaining 70% of the rent up to the SAFMR limit. In this case, it would cover up to $2,280 (the market rent) minus the tenant's contribution of $570, totaling $1,710 per month.
Additionally, the voucher includes an allowance for utilities. For a two-bedroom unit, this allowance can vary but often ranges from $200 to $400 per month. Assuming a utility allowance of $300, the total monthly reimbursement to the landlord would be $1,710 (rent) + $300 (utilities) = $2,010.

This means that landlords can expect to receive $2,010 per month from the voucher program for a two-bedroom unit in ZIP 11024. Given the local market rent of $2,280, there is a slight surplus for landlords who participate in the Section 8 program. The difference between the market rent and the voucher reimbursement is $2,280 - $2,010 = $270. Therefore, landlords would have a surplus of $270 per month on a two-bedroom rental property.

Note that these calculations are based on the assumption of the average adjusted income and a standard utility allowance. Actual amounts can vary depending on the individual tenant's income and specific utility usage. However, the key takeaway is that the SAFMR is higher than the local market rent, providing a financial cushion for landlords in ZIP 11024 who choose to accept Section 8 tenants.

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.