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 | $1,970 |
| 1 Bedroom | $2,290 |
| 2 Bedrooms | $2,700 |
| 3 Bedrooms | $3,470 |
| 4 Bedrooms | $3,690 |
| 5 Bedrooms | $4,280 |
| 6 Bedrooms | $4,794 |
| 7 Bedrooms | $5,178 |
| 8 Bedrooms | $5,437 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $3,470 | $740,275 | 0.47% | F |
| 4BR | $3,690 | $907,159 | 0.41% | F |
U.S. Census Bureau data (2024)
The ZIP code 11940 presents a dynamic rental market, with the Fair Market Rent (FMR) set at $2460 for the fiscal year 2024, indicating the government's benchmark for affordability. Meanwhile, the actual market rent, according to the Census American Community Survey (ACS), stands slightly lower at $2,314. This suggests that while rents are high, they are still below the FMR, potentially signaling a competitive market where landlords aim to attract tenants.
The median home value in ZIP 11940 is $758,968, which is significantly higher than the average rent, pointing towards a robust homeownership market. However, the 25.5% renter share highlights an ongoing segment of the population preferring or needing to rent rather than buy. This figure implies a steady demand for rental properties, driven by individuals who either cannot afford to purchase homes or choose not to due to lifestyle preferences or financial considerations.
The lack of specific data on price-cut share and days on market (DOM) prevents a detailed analysis of supply versus demand imbalances. Nonetheless, the gap between FMR and market rent suggests that there is some flexibility in pricing, allowing for adjustments without significant oversupply. The relatively high renter share indicates that the area faces long-term housing pressure, as a substantial portion of residents are renters. This could be due to the high cost of homeownership, leading many to opt for renting instead.
In summary, ZIP 11940 operates under a high-rent environment with a notable preference for renting over buying, reflecting both the financial constraints and choices of its residents. The rental market remains active, with prices close to but below the FMR, suggesting a balance between landlord and tenant interests. The high median home value underscores the desirability of the area, making it a prime location for those looking to invest in rental properties.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-07-31). 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.