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 | $2,040 |
| 1 Bedroom | $2,370 |
| 2 Bedrooms | $2,790 |
| 3 Bedrooms | $3,590 |
| 4 Bedrooms | $3,810 |
| 5 Bedrooms | $4,420 |
| 6 Bedrooms | $4,950 |
| 7 Bedrooms | $5,346 |
| 8 Bedrooms | $5,613 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $2,790 | $624,860 | 0.45% | F |
| 3BR | $3,590 | $758,122 | 0.47% | F |
| 4BR | $3,810 | $821,746 | 0.46% | F |
U.S. Census Bureau data (2024)
ZIP code 11558, located in Island Park, NY, falls within the Nassau-Suffolk, NY HUD Metro FMR Area. Its Fair Market Rent (FMR) for FY 2024 is set at $2440, while the market rent stands at $4,075. The median home value in 11558 is $743,316, and 32.6% of residents are renters.
To contextualize these figures, consider that the typical ZIP codes within the Nassau-Suffolk, NY HUD Metro FMR Area have a higher FMR and market rent. This suggests that Island Park's FMR of $2440 is lower than what might be expected in other parts of the metro area, indicating potential cost savings for landlords participating in the Section 8 program here.
The market rent of $4,075 in Island Park is significantly above the FMR, which is indicative of a robust private rental market. However, when compared to the median home value of $743,316, the relatively high renter share of 32.6% could signal an opportunity for landlords. This combination often points to a neighborhood where rental housing is valued, but property values are still accessible relative to other ZIP codes in the area.
Inferentially, ZIP 11558 appears to be a mid-tier neighborhood within the Nassau-Suffolk, NY HUD Metro FMR Area. It offers landlords a balance between manageable property costs and a strong demand for rental housing. While it is not necessarily a premium sub-market due to its lower FMR, the presence of a substantial rental market and reasonable home values make it a potentially attractive location for those seeking to invest in Section 8 properties.
A notable divergence is the high renter share combined with below-metro average home values, which can suggest a sweet spot for Section 8 investment. Landlords in Island Park can benefit from a larger pool of potential tenants who may qualify for the program, without facing the highest property acquisition costs seen in other parts of the metro area.
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.