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 | $1,970 |
| 1 Bedroom | $2,390 |
| 2 Bedrooms | $2,760 |
| 3 Bedrooms | $3,570 |
| 4 Bedrooms | $3,820 |
| 5 Bedrooms | $4,431 |
| 6 Bedrooms | $4,963 |
| 7 Bedrooms | $5,360 |
| 8 Bedrooms | $5,628 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $3,570 | $1,260,271 | 0.28% | F |
| 4BR | $3,820 | $1,511,953 | 0.25% | F |
| 5BR | $4,431 | $1,977,533 | 0.22% | F |
U.S. Census Bureau data (2024)
The ZIP code 11509 represents a high-end residential area, predominantly inhabited by homeowners who enjoy a median income of $168,537. This affluence is reflected in the median home value, which stands at an impressive $1,483,499. However, only a small portion, 11.7%, of the total 1,790 residents are renters, indicating a relatively low demand for rental properties in this exclusive neighborhood.
Despite the limited rental market, the Fair Market Rent (FMR) for ZIP 11509 in fiscal year 2024 has been set at $3,420, closely matching the reported market rent of $3,501 according to the latest Census American Community Survey (ACS) data. This suggests that the rental market, though small, is competitive and aligned with the broader economic indicators of the area.
Given these conditions, ZIP 11509 would likely appeal more to a hands-on value-add buyer rather than a hands-off voucher operator. The limited number of renters means that the Section 8 program's impact on the overall rental market is minimal. For those looking to invest in this area, focusing on enhancing property values and targeting the affluent local market could yield better returns than relying solely on government-subsidized rents. The higher median income and home values indicate a strong potential for luxury rentals or homes that cater to the upscale tastes of the neighborhood's inhabitants.
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.