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 | $1,980 |
| 1 Bedroom | $2,300 |
| 2 Bedrooms | $2,710 |
| 3 Bedrooms | $3,490 |
| 4 Bedrooms | $3,700 |
| 5 Bedrooms | $4,292 |
| 6 Bedrooms | $4,807 |
| 7 Bedrooms | $5,192 |
| 8 Bedrooms | $5,452 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $2,710 | $454,436 | 0.6% | F |
| 3BR | $3,490 | $594,494 | 0.59% | F |
| 4BR | $3,700 | $645,324 | 0.57% | F |
| 5BR | $4,292 | $670,614 | 0.64% | D |
U.S. Census Bureau data (2024)
The median income in ZIP 11784, Selden, NY, stands at $104,369, providing a solid economic foundation for residents. However, when considering the market rate for rent, which is $2,240 according to Census ACS data, it becomes evident that affording housing is a significant challenge for many households. The Fair Market Rent (FMR) set at $2,510 for zip code FY 2024 further illustrates the high cost of living in the area.
To put these numbers into perspective, a household earning the median income would spend approximately 25% of their monthly earnings on market-rate rent. When factoring in utilities, groceries, and other necessities, this leaves little room for savings or additional expenses. This financial strain is particularly pronounced given that only 16.0% of the 26,244 population are renters, indicating a relatively low demand for rental properties compared to areas with higher percentages of renters.
The disparity between median income and rental costs highlights a notable affordability gap. For landlords, this means competition for tenants willing to pay market rates is fierce. Those who cannot afford the full market rate may seek assistance through housing vouchers, which are pegged to the FMR of $2,510. While vouchers ensure consistent and timely payments, they also come with regulatory requirements and caps on how much landlords can charge.
The takeaway for landlords is clear: focusing solely on cash-paying tenants could limit your pool of potential renters, especially if you're pricing above the median household's capacity. Incorporating a strategy that includes accepting housing vouchers can be a viable solution to mitigate the effects of the affordability gap. It ensures a steady stream of income while tapping into a segment of the market that might otherwise be overlooked due to strict budget constraints.
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.