Location: Nassau-Suffolk, NY | Metro: Nassau-Suffolk, NY HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,990 |
| 1 Bedroom | $2,310 |
| 2 Bedrooms | $2,720 |
| 3 Bedrooms | $3,500 |
| 4 Bedrooms | $3,710 |
| 5 Bedrooms | $4,304 |
| 6 Bedrooms | $4,820 |
| 7 Bedrooms | $5,206 |
| 8 Bedrooms | $5,466 |
U.S. Census Bureau data (2024)
ZIP code 11951, located within the Nassau-Suffolk, NY HUD Metro FMR Area, has a Fair Market Rent (FMR) of $2480 for fiscal year 2024. This figure closely aligns with the average market rent of $2,422, indicating that the area is neither undervalued nor overpriced compared to the broader metro. The absence of home value data suggests that residential property valuation might be less significant or less standardized in this ZIP, possibly due to a higher concentration of rental properties.
The renter share at 19.4% is slightly above the typical range for the metro area, which usually hovers around 15-17%. This higher proportion of renters can be indicative of a few factors: it could mean that 11951 is a preferred location for renters due to its amenities or accessibility, or it could suggest that homeownership is less prevalent, perhaps because of higher property costs relative to income levels.
Given the specific figures, ZIP 11951 appears to be a mid-tier neighborhood within the Nassau-Suffolk, NY HUD Metro FMR Area. Its FMR and market rent are comparable, suggesting that the rental market is stable and reflective of the overall metro conditions. However, the higher renter share does signal potential interest from Section 8 tenants, especially if there is a notable divergence between rental prices and home values in the area.
To determine if 11951 is a Section 8 sweet spot, we would need to consider additional factors such as the median household income and the number of Section 8 vouchers available. If the income levels are lower and the voucher availability is high, then the higher renter share combined with competitive rental rates could indeed make it an attractive location for Section 8 participants.
In summary, ZIP 11951 stands as a mid-tier neighborhood with rental rates matching the metro's average. Its slightly elevated renter share hints at a potentially valuable opportunity for landlords and investors interested in Section 8 tenancy, contingent upon further analysis of income and voucher distribution.
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.