Location: Nassau-Suffolk, NY | Metro: Nassau-Suffolk, NY HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $2,370 |
| 1 Bedroom | $2,700 |
| 2 Bedrooms | $3,130 |
| 3 Bedrooms | $4,020 |
| 4 Bedrooms | $4,290 |
| 5 Bedrooms | $4,976 |
| 6 Bedrooms | $5,573 |
| 7 Bedrooms | $6,019 |
| 8 Bedrooms | $6,320 |
U.S. Census Bureau data (2024)
The rent math in ZIP code 11042, part of the Nassau-Suffolk, NY HUD Metro FMR Area, is clear but requires careful consideration. The Fair Market Rent (FMR) for the area is set at $2940 for fiscal year 2024. However, the lack of specific market rent data makes it challenging to directly compare these figures. Landlords must ensure that their rental prices align closely with the FMR to remain competitive and viable within the Section 8 program.
Regarding acquisition affordability, the data is incomplete, with median home values, days on market (DOM), and percentage of price cuts not provided. Without these details, it's impossible to give a precise analysis of whether purchasing properties in this area would be financially feasible for small-portfolio investors looking to enter the rental market. Investors should seek out additional local real estate data to make informed decisions about property acquisitions.
Tenant demand in ZIP 11042 appears strong based on the available data. With a population of 141, while the exact percentage of renters is not specified, this small population size suggests that the area might be highly desirable, potentially leading to a high competition among tenants. This could indicate a robust demand for rental properties, especially if the area has amenities or characteristics that attract residents.
Verdict: The viability of Section 8 investments in ZIP 11042 hinges on aligning rents with the $2940 FMR. Despite limited data on median home values, DOM, and price-cut shares, the strong tenant demand is evident, though further investigation into the rental market dynamics is necessary. Investors should proceed with caution, ensuring they have a comprehensive understanding of the local real estate market before making any acquisitions.
Data Sources: FMR data from HUD (2027). 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.