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 | $2,060 |
| 1 Bedroom | $2,400 |
| 2 Bedrooms | $2,820 |
| 3 Bedrooms | $3,630 |
| 4 Bedrooms | $3,850 |
| 5 Bedrooms | $4,466 |
| 6 Bedrooms | $5,002 |
| 7 Bedrooms | $5,402 |
| 8 Bedrooms | $5,672 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $2,820 | $627,118 | 0.45% | F |
| 3BR | $3,630 | $764,079 | 0.48% | F |
| 4BR | $3,850 | $866,366 | 0.44% | F |
| 5BR | $4,466 | $1,008,060 | 0.44% | F |
U.S. Census Bureau data (2024)
The ZIP code 11702, located in Babylon, NY, has a population of 13,909 individuals. Among these residents, 18.7% are renters, indicating that this area is primarily homeowner-dominated rather than a renter-heavy zone. The median household income in this ZIP is $137,652, which suggests a relatively affluent community.
The market rent for the area is reported at $2,436 per month. This figure represents approximately 17.6% of the median household income when considering an annual basis. This means that for those relying on rental assistance through Section 8 vouchers, the typical rent consumes a significant portion of their allocated funds, especially since the Fair Market Rent (FMR) for the area is set at $2,810 for FY 2024. Landlords can expect that tenants with Section 8 vouchers will have limited flexibility to cover additional costs beyond the subsidized amount.
Given the higher median income and lower percentage of renters, it's likely that the demand for Section 8 vouchers is not as deep as it might be in more urban or economically diverse areas. However, the presence of any affordable housing program, including Section 8, can still influence the local rental market dynamics.
In summary, landlords in ZIP 11702 should anticipate a tenant pool where a substantial portion of the monthly income is dedicated to rent. Those using vouchers will need properties that do not exceed the $2,810 FMR threshold. While not a renter-heavy area, the availability of Section 8 vouchers means that some tenants will seek out properties that align with their financial assistance limits.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-08-31). 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.