Location: Nassau-Suffolk, NY | Metro: Nassau-Suffolk, NY HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,980 |
| 1 Bedroom | $2,300 |
| 2 Bedrooms | $2,710 |
| 3 Bedrooms | $3,490 |
| 4 Bedrooms | $3,700 |
| 5 Bedrooms | $4,292 |
| 6 Bedrooms | $4,807 |
| 7 Bedrooms | $5,192 |
| 8 Bedrooms | $5,452 |
The Fair Market Rent (FMR) for ZIP code 11556 in fiscal year 2024 is set at $2550. This figure represents the payment standard for Section 8 housing assistance in the area, meaning it's the maximum amount the government will pay toward your tenant's rent. It does not dictate the rent you can charge; rather, it caps the subsidy you'll receive.
Local market rents are currently N/A, which makes direct comparison challenging. However, the N/A% of renters in the area relying on some form of housing assistance indicates a strong demand for affordable housing options. This demand can be met through Section 8 rentals, ensuring steady occupancy.
The acquisition cost for properties in this ZIP code is also listed as N/A, which typically refers to the price you might expect to pay for a property suitable for Section 8 tenants. While the exact cost isn't available, understanding the local real estate market and the FMR can help you gauge whether a potential investment is financially viable.
To participate effectively in the Section 8 program, it's crucial to verify that your property meets all the required quality standards, known as Housing Quality Standards (HQS). These standards ensure your rental unit is safe and habitable. Failure to meet these criteria could result in disqualification from the program, regardless of the property's location or the FMR.
In summary, the $2550 FMR for ZIP 11556 provides a clear benchmark for the subsidy you can expect. With a significant portion of renters seeking affordable housing solutions, there's an opportunity to fill this need while ensuring your property remains occupied. The key to success is confirming your property's compliance with HQS before proceeding with a Section 8 rental agreement.
Data Sources: FMR data from HUD (2027).
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.