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 | $2,330 |
| 1 Bedroom | $2,710 |
| 2 Bedrooms | $3,190 |
| 3 Bedrooms | $4,100 |
| 4 Bedrooms | $4,360 |
| 5 Bedrooms | $5,058 |
| 6 Bedrooms | $5,665 |
| 7 Bedrooms | $6,118 |
| 8 Bedrooms | $6,424 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $3,190 | $640,310 | 0.5% | F |
| 3BR | $4,100 | $775,204 | 0.53% | F |
| 4BR | $4,360 | $899,074 | 0.48% | F |
| 5BR | $5,058 | $1,012,674 | 0.5% | F |
U.S. Census Bureau data (2024)
Smithtown, NY, located in Suffolk County, stands out with a population of 34,499 residents, where only 12.7% of the residents rent their homes. The median household income in Smithtown is $143,101, significantly higher than the national average, and the median home value is an impressive $794,488. These figures indicate a community that is largely owner-occupied and has a relatively high economic status.
The rental market in Smithtown, however, presents an interesting dynamic when considering Section 8 vouchers. The Fair Market Rent (FMR) for a two-bedroom apartment in ZIP 11787 for fiscal year 2024 is set at $2,660. In contrast, the Census American Community Survey (ACS) indicates that the market rent for similar units is around $2,330. This discrepancy suggests that landlords accepting Section 8 vouchers could potentially receive higher rents compared to the local market rate, making it a viable option despite the overall high cost of living in the area.
Evaluating the data signature of ZIP 11787, it appears to be stable rather than transitional. The high median income and home values point towards a mature residential market with little fluctuation. Additionally, the low percentage of renters suggests that the demand for rental properties, including those utilizing Section 8 vouchers, is limited but steady. For small-portfolio investors, the potential for slightly above-market rents through Section 8 could provide a stable income stream in an otherwise challenging rental environment.
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.