Location: Nassau-Suffolk, NY | Metro: Nassau-Suffolk, NY HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,960 |
| 1 Bedroom | $2,280 |
| 2 Bedrooms | $2,680 |
| 3 Bedrooms | $3,450 |
| 4 Bedrooms | $3,660 |
| 5 Bedrooms | $4,246 |
| 6 Bedrooms | $4,756 |
| 7 Bedrooms | $5,136 |
| 8 Bedrooms | $5,393 |
U.S. Census Bureau data (2024)
ZIP code 11701, located in Amityville, NY, falls within the Nassau-Suffolk, NY HUD Metro FMR Area. The Fair Market Rent (FMR) for ZIP 11701 is set at $2,360 for fiscal year 2024, which is slightly below the market rent of $2,690. This indicates that rental properties in this area might be more affordable compared to the overall market, potentially attracting tenants who are looking for lower-cost housing options.
The median home value in ZIP 11701 stands at $585,804, which is a reflection of the housing costs in the area. However, it's important to note that the renter share in this ZIP code is quite high at 29.2%. This suggests that a significant portion of the population in Amityville prefers renting over owning, which can be a key indicator for landlords and investors looking to enter a stable rental market.
Comparatively, typical ZIP codes within the Nassau-Suffolk, NY HUD Metro FMR Area would likely have higher home values and possibly higher FMRs. The combination of a relatively low FMR and a high renter share makes ZIP 11701 an interesting area for those seeking opportunities in affordable housing. It could be considered a value pocket within its larger metro area, offering both rental and homeownership opportunities at a price point that is below the average for the region.
The divergence between the high renter share and the below-average home values in ZIP 11701 points towards a potential sweet spot for Section 8 housing. Landlords and investors should consider the implications of these figures when evaluating investment strategies in Amityville. A high percentage of renters combined with lower-than-average home values could mean that there is a strong demand for subsidized housing units, making this ZIP code particularly attractive for those involved in the Section 8 program.
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.