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 | $2,020 |
| 1 Bedroom | $2,350 |
| 2 Bedrooms | $2,770 |
| 3 Bedrooms | $3,560 |
| 4 Bedrooms | $3,780 |
| 5 Bedrooms | $4,385 |
| 6 Bedrooms | $4,911 |
| 7 Bedrooms | $5,304 |
| 8 Bedrooms | $5,569 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $2,770 | $663,306 | 0.42% | F |
| 3BR | $3,560 | $780,874 | 0.46% | F |
| 4BR | $3,780 | $848,466 | 0.45% | F |
| 5BR | $4,385 | $947,777 | 0.46% | F |
U.S. Census Bureau data (2024)
The median income in ZIP 11714, Bethpage, NY, stands at $120,172. At first glance, this figure suggests that households could comfortably afford the market rate rent of $2,329, based on Census ACS data. However, a closer look at the numbers reveals a more nuanced picture.
Affordability is often gauged by comparing housing costs to income. A general rule of thumb is that rent should not exceed 30% of a household’s income. In Bethpage, a household earning the median income would have 30% of their income amount to $3,605. This means that the market rate rent of $2,329 is well within the affordable range, leaving ample budget for other living expenses.
However, the Federal Market Rent (FMR) for ZIP 11714 in fiscal year 2024 is set at $2,840. This represents the maximum amount that a Section 8 voucher holder can pay towards rent. The difference between the market rate and the voucher payment standard is significant, with the FMR being approximately $511 higher than the market rate. For landlords, this means that accepting Section 8 vouchers could potentially result in receiving less rent compared to the market rate, which is already below the FMR.
Bethpage has a relatively low rental market share, with only 10.5% of its 22,695 residents being renters. This indicates a competitive environment for landlords, as there are fewer individuals seeking rental properties. The affordability gap, therefore, becomes even more pronounced, as landlords must balance attracting tenants with maximizing rental income.
Landlords in ZIP 11714 considering their strategy should take note of these figures. While the market rate is lower than the FMR, it still leaves room for a comfortable margin above the typical rent burden. Accepting Section 8 vouchers could be a viable option to fill vacancies in a competitive market, but it also means settling for a lower rent amount compared to the market rate. The decision ultimately depends on the landlord's goals: whether they prioritize filling units quickly or aim to maximize their rental income per unit.
The takeaway for landlords is clear: while the rental market in Bethpage is somewhat affordable, the competition for tenants is fierce. Landlords must weigh the benefits of accepting Section 8 vouchers against the potential for higher cash rents. Given the low market share of renters, securing tenants through vouchers can help maintain occupancy rates, though it comes at the cost of reduced revenue per unit.
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.