Location: Nassau-Suffolk, NY | Metro: Nassau-Suffolk, NY HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $2,150 |
| 1 Bedroom | $2,510 |
| 2 Bedrooms | $2,950 |
| 3 Bedrooms | $3,790 |
| 4 Bedrooms | $4,030 |
| 5 Bedrooms | $4,675 |
| 6 Bedrooms | $5,236 |
| 7 Bedrooms | $5,655 |
| 8 Bedrooms | $5,938 |
U.S. Census Bureau data (2024)
The ZIP code 11796 stands out due to its unique demographic and economic characteristics. With a population of 3,560 residents, it has a rental rate of 20.8%, indicating a relatively stable housing market where the majority of residents own their homes. The median income in this area is $173,472, which is significantly higher than the national average, suggesting a well-off community. Additionally, the median home value is $675,298, reflecting the high cost of homeownership in the region.
Moving to the specifics of Section 8 voucher economics, the Fair Market Rent (FMR) for ZIP 11796 for fiscal year 2024 is set at $2,410. This is notably lower than the market rent, which according to the Census ACS, is $2,635. Landlords participating in the Section 8 program should be aware that they will receive a fixed amount per month based on the FMR, regardless of the actual market conditions. This can impact the profitability of rental properties in this ZIP code, especially if market rents continue to rise above the FMR.
The data signature for ZIP 11796 suggests a stable environment. The high median income and home values indicate a robust local economy, likely supporting steady demand for both rental and owner-occupied housing. However, the disparity between the FMR and market rent highlights a transitional aspect of the rental market, particularly for those who rely on government subsidies. Landlords and small-portfolio investors must consider these factors when deciding whether to accept Section 8 vouchers in ZIP 11796. While the overall stability of the ZIP code provides a solid foundation, the potential for changes in rental dynamics due to subsidy levels means vigilance is required to navigate the market effectively.
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.