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 | $2,800 |
| 1 Bedroom | $3,260 |
| 2 Bedrooms | $3,840 |
| 3 Bedrooms | $4,940 |
| 4 Bedrooms | $5,240 |
| 5 Bedrooms | $6,078 |
| 6 Bedrooms | $6,807 |
| 7 Bedrooms | $7,352 |
| 8 Bedrooms | $7,720 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $4,940 | $943,849 | 0.52% | F |
| 4BR | $5,240 | $1,102,679 | 0.48% | F |
U.S. Census Bureau data (2024)
The median income in ZIP code 11721 stands at $197,179, placing it among the higher-income brackets. The market rate for rent is set at $3,501 according to the Census ACS, which is a significant portion of the average household's income. However, when comparing this to the Fair Market Rent (FMR) standard for voucher payments, which is set at $3,280 for zip FY 2024, there is a notable difference.
The disparity between the market rate and the FMR suggests an affordability gap for renters utilizing vouchers. While the market rate is slightly higher at $3,501, voucher holders would be able to pay up to $3,280, leaving landlords with a choice to either accept a lower rental amount or cater to the smaller segment of renters who can afford the full market rate.
Given that only 3.4% of the 6,426 population are renters, the competition among landlords is relatively low. This means that landlords have the advantage of being able to select tenants based on their ability to pay the full market rate or willingness to accept voucher payments.
The takeaway for landlords considering voucher versus cash-pay strategies is that while the income levels are high, the number of potential renters is limited. Accepting voucher payments can provide a steady stream of income, albeit slightly below the market rate, and reduce vacancy rates. On the other hand, focusing on cash-paying tenants might yield higher immediate returns but could also result in longer vacancies due to the smaller pool of eligible renters.
In summary:
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.