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 | $2,460 |
| 1 Bedroom | $2,940 |
| 2 Bedrooms | $3,390 |
| 3 Bedrooms | $4,400 |
| 4 Bedrooms | $4,650 |
| 5 Bedrooms | $5,394 |
| 6 Bedrooms | $6,041 |
| 7 Bedrooms | $6,524 |
| 8 Bedrooms | $6,850 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $3,390 | $513,567 | 0.66% | D |
| 3BR | $4,400 | $674,343 | 0.65% | D |
| 4BR | $4,650 | $866,364 | 0.54% | F |
| 5BR | $5,394 | $951,020 | 0.57% | F |
U.S. Census Bureau data (2024)
ZIP code 11792, located in Wading River, NY, is characterized by a predominantly homeowner population of 8,904 residents, with only 0.5% renting their homes. The area boasts a high median household income of $146,174, reflecting its affluent nature. Median home values in this ZIP code stand at $737,220, indicating a robust real estate market.
The rental economics in Wading River present an interesting opportunity for Section 8 investors. The Fair Market Rent (FMR) for ZIP 11792 in fiscal year 2024 is set at $3,680. Given the scarcity of rental properties, with only a fraction of the population renting, there is limited competition from market-rate rentals. This suggests that properties eligible for Section 8 vouchers can command rents close to the FMR without significant discounting.
In evaluating whether this area suits a hands-off voucher operator or requires a hands-on approach, several factors come into play. With such a low percentage of renters and a high median income, there is likely a smaller pool of potential Section 8 tenants relative to other areas. However, the high median home value and limited rental stock make it ideal for value-add buyers who can improve property quality and still attract tenants willing to pay closer to the FMR. For hands-off operators, the low competition and high property values might offer a stable, if less dynamic, investment environment.
To conclude, ZIP 11792 offers a unique blend of high-value real estate and a niche rental market. While it may not be teeming with rental opportunities, the combination of high FMRs and limited competition means that well-positioned Section 8 properties can perform well. Investors should consider their level of engagement and whether they aim to capitalize on stability or actively seek to add value through improvements.
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.