Location: Nassau-Suffolk, NY | Metro: Nassau-Suffolk, NY HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $2,010 |
| 1 Bedroom | $2,350 |
| 2 Bedrooms | $2,760 |
| 3 Bedrooms | $3,570 |
| 4 Bedrooms | $3,870 |
| 5 Bedrooms | $4,489 |
| 6 Bedrooms | $5,028 |
| 7 Bedrooms | $5,430 |
| 8 Bedrooms | $5,702 |
U.S. Census Bureau data (2024)
The ZIP code 11765 presents an interesting scenario for both renters and landlords. The median household income here is reported at $196,902, which is significantly higher than the national average. However, when considering the market rate for rent, which stands at $3,501 according to the latest Census ACS data, it becomes clear that even with such high incomes, affordability remains a critical issue.
The Federal Market Rent (FMR) for this ZIP code in fiscal year 2024 is set at $3,760. This figure represents the maximum amount that a Section 8 voucher holder can pay towards their rent. Comparing this to the market rate of $3,501, it appears that the voucher payment standard is slightly above the current market rate, suggesting that voucher holders could potentially find units within their budget.
With only 17.5% of the 683 residents being renters, the competition among landlords for tenants is relatively low. However, this also means that the rental market is niche and selective. Landlords must consider the affordability gap and how it impacts their strategy for attracting tenants. Given the high median income and the slight premium of FMR over market rates, there is a notable segment of potential tenants who might prefer the stability and predictability of voucher payments.
For landlords, the takeaway is straightforward. While cash-paying tenants might offer flexibility and potentially higher rents, the reliability of Section 8 vouchers could be a significant advantage. Accepting voucher payments ensures a steady stream of income and reduces the risk of unpaid rent, making it a strategic choice in a market where rent affordability is a concern despite high incomes.
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.