Location: New York, NY | Metro: Nassau-Suffolk, NY HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $2,280 |
| 1 Bedroom | $2,390 |
| 2 Bedrooms | $2,620 |
| 3 Bedrooms | $3,280 |
| 4 Bedrooms | $3,570 |
| 5 Bedrooms | $4,141 |
| 6 Bedrooms | $4,638 |
| 7 Bedrooms | $5,009 |
| 8 Bedrooms | $5,259 |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 11559 in fiscal year 2024 is set at $2,460. This figure represents the maximum amount that a landlord can charge for a Section 8 rental unit, which is subsidized by the government. It's important to note that this is not the actual rent you'll receive; it's the payment standard used by the Housing Choice Voucher program to determine the maximum rent allowed.
In comparison, the average rent in ZIP 11559, according to Census ACS data, is $1,926. This indicates that the FMR is higher than the market rate, providing an incentive for landlords to participate in the Section 8 program. With 23.9% of residents being renters, there is a consistent demand for affordable housing units, making Section 8 properties particularly attractive.
The total acquisition cost for a property in this area, based on recent sales, is approximately $2,139,954. This means that if you're looking to purchase a property specifically for Section 8 tenants, you should be prepared to invest around this amount. However, this investment can be justified by the steady income provided through the voucher program.
Before committing to a Section 8 rental, ensure that your property meets all the necessary inspection criteria. The Housing Authority will conduct a thorough inspection to verify that your rental unit is safe, decent, and sanitary. This step is crucial to avoid delays in securing a tenant and to comply with the program's requirements.
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.