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 rent math in ZIP code 11956 does not work favorably for Section 8 participation. The Fair Market Rent (FMR) set at $2400 for fiscal year 2024 is the benchmark for determining eligibility for the program. However, the absence of specific market rent data suggests that local rental prices might be lower, making it unprofitable for landlords to participate in Section 8 given the fixed reimbursement rates.
Regarding acquisition affordability, the lack of detailed data on median home values, days on market (DOM), and the percentage of homes requiring price cuts hinders a comprehensive analysis. Landlords should seek additional local real estate market reports to make informed decisions about property acquisitions in this area.
Tenant demand is minimal in ZIP 11956. With only 298 residents and a mere 5.0% of the population being renters, the pool of potential tenants is limited. This low renter share indicates that most people in the area own their homes, reducing the likelihood of finding enough qualified Section 8 applicants.
In conclusion, ZIP 11956 presents challenges for Section 8 landlords and small-portfolio investors due to the questionable profitability of participating in the program, the lack of data on property acquisition costs, and the limited tenant demand. The combination of these factors suggests that other areas with higher renter populations and clearer market conditions would likely be more favorable for investment.
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.