Location: Nassau-Suffolk, NY | Metro: Nassau-Suffolk, NY HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,880 |
| 1 Bedroom | $2,180 |
| 2 Bedrooms | $2,570 |
| 3 Bedrooms | $3,310 |
| 4 Bedrooms | $3,510 |
| 5 Bedrooms | $4,072 |
| 6 Bedrooms | $4,561 |
| 7 Bedrooms | $4,926 |
| 8 Bedrooms | $5,172 |
U.S. Census Bureau data (2024)
The ZIP code 11931 presents several challenges for potential Section 8 landlords and small-portfolio investors. Tenant turnover can be a significant issue, especially considering that the Fair Market Rent (FMR) for FY 2024 stands at $2470, while the local market rent is currently unavailable. This discrepancy suggests that landlords might face difficulties in attracting tenants who can afford the market rate, leading to higher turnover rates among Section 8 participants.
Vacancy exposure is another concern. The days on market (DOM) data is also not available, which makes it hard to predict how long properties might remain vacant. A prolonged vacancy period can lead to financial losses and increased maintenance costs. Additionally, the lack of data on typical home values and median incomes in the area indicates a potential risk of deferred maintenance. Landlords must be prepared to invest in property upkeep to ensure compliance with housing standards and avoid costly repairs down the line.
Despite these risks, the ZIP code 11931 has a 100.0% renter share, which is a positive indicator for Section 8 investments. High renter density often correlates with higher demand for rental vouchers, providing a steady stream of potential tenants. This demand can mitigate some of the risks associated with tenant turnover and vacancy exposure, making the area more attractive for landlords willing to navigate the complexities of Section 8 tenancy.
Verdict: Moderate risk for a first-time Section 8 landlord.
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.