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 | $1,900 |
| 1 Bedroom | $2,210 |
| 2 Bedrooms | $2,600 |
| 3 Bedrooms | $3,340 |
| 4 Bedrooms | $3,550 |
| 5 Bedrooms | $4,118 |
| 6 Bedrooms | $4,612 |
| 7 Bedrooms | $4,981 |
| 8 Bedrooms | $5,230 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $3,340 | $1,048,466 | 0.32% | F |
| 4BR | $3,550 | $1,269,447 | 0.28% | F |
| 5BR | $4,118 | $1,608,176 | 0.26% | F |
U.S. Census Bureau data (2024)
In ZIP code 11516, the Section 8 program operates under specific economic parameters that affect landlords and small-portfolio investors. The SAFMR (Small Area Fair Market Rent) for a two-bedroom apartment in this ZIP code is set at $2390 for the fiscal year 2024. This figure is crucial because it defines the maximum amount that the Housing Choice Voucher Program will pay toward a tenant's rent.
Local market rent for a similar two-bedroom unit is slightly lower at $2,214, according to the Census ACS data. However, the SAFMR is the benchmark used by the program, meaning that if your rental property's market value is below $2390, you should still be able to receive the full market rent amount through the voucher system.
A voucher payment consists of several components: the tenant contribution, which is typically 30% of their income, and the utility allowance, which covers part of the tenant’s electricity, gas, and water bills. The total reimbursement from the housing authority is calculated by adding these components together. For instance, if a tenant's monthly income is $1,500, their contribution would be $450 (30%). If the utility allowance is $200, then the housing authority would cover the remaining $1740 of the $2390 SAFMR. Thus, the landlord receives $2190 in total ($450 tenant contribution + $1740 housing authority payment).
The SAFMR being set at the ZIP level means that the rate is tailored specifically for this ZIP code, taking into account local housing costs and conditions. This specificity aims to ensure that the reimbursement rates are more accurate reflections of the actual rents paid in the area.
Given these numbers, landlords in ZIP 11516 can expect a slight surplus when renting out a two-bedroom unit. The difference between the SAFMR and the average market rent is $176 ($2390 - $2214). Therefore, even when factoring in the tenant contribution and utility allowance, the landlord will likely receive more than the average market rent, ensuring a stable and slightly above-market income stream.
To summarize, landlords in ZIP 11516 participating in the Section 8 program can expect to be reimbursed up to $2390 for a two-bedroom apartment, with a typical reimbursement gap resulting in a surplus of $176 over the average local market rent. This surplus provides a financial buffer and makes the program attractive for those willing to navigate the administrative processes involved.
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.