Location: Nassau-Suffolk, NY | Metro: Nassau-Suffolk, NY HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $2,420 |
| 1 Bedroom | $2,810 |
| 2 Bedrooms | $3,310 |
| 3 Bedrooms | $4,260 |
| 4 Bedrooms | $4,520 |
| 5 Bedrooms | $5,243 |
| 6 Bedrooms | $5,872 |
| 7 Bedrooms | $6,342 |
| 8 Bedrooms | $6,659 |
U.S. Census Bureau data (2024)
ZIP code 11738, located in Farmingville, NY, falls within the Nassau-Suffolk, NY HUD Metro FMR Area. The Fair Market Rent (FMR) for the zip code in fiscal year 2024 is set at $2,920, while the market rent stands slightly lower at $2,903. This indicates that the rental market in 11738 closely aligns with the HUD's assessment of fair rents.
The median home value in 11738 is $640,213, which is notably higher than the typical home values seen in most ZIP codes within the Nassau-Suffolk, NY HUD Metro FMR Area. However, the renter share in 11738 is 22.1%, which is not unusually high compared to other ZIP codes in the area.
To determine if 11738 is a value pocket, mid-tier neighborhood, or a premium sub-market within its larger metro area, consider the following:
The FMR and market rent being nearly identical suggests a well-calibrated rental market that does not significantly deviate from HUD guidelines. This consistency can be beneficial for landlords participating in Section 8 programs, as it ensures they receive adequate compensation without overcharging tenants.
The higher median home value in 11738 indicates that it is likely a premium sub-market within the broader Nassau-Suffolk area. This premium status could be due to various factors including lower crime rates, better schools, and more desirable living conditions.
The relatively low renter share of 22.1% means that a smaller portion of residents are renters, which could imply a stronger owner-occupied housing market. This characteristic does not necessarily indicate a Section 8 sweet spot, as a high renter share combined with lower home values would typically signal such an opportunity.
In summary, ZIP code 11738 appears to be a premium sub-market within the Nassau-Suffolk, NY HUD Metro FMR Area, characterized by higher home values and a rental market that adheres closely to HUD's fair market assessments. While it does not present the classic profile of a Section 8 sweet spot, it remains a valuable location for landlords and small-portfolio investors seeking stable rental income in a desirable area.
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.