Location: Nassau-Suffolk, NY | Metro: Nassau-Suffolk, NY HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,920 |
| 1 Bedroom | $2,230 |
| 2 Bedrooms | $2,630 |
| 3 Bedrooms | $3,380 |
| 4 Bedrooms | $3,590 |
| 5 Bedrooms | $4,164 |
| 6 Bedrooms | $4,664 |
| 7 Bedrooms | $5,037 |
| 8 Bedrooms | $5,289 |
U.S. Census Bureau data (2024)
The ZIP code 11958 presents a unique set of challenges and opportunities for both renters and landlords alike. Given the median income data is not available, it's crucial to examine the rental market rate and compare it against the federally determined Fair Market Rent (FMR) of $2390 for the fiscal year 2024.
Affordability is a key concern for the 30.4% of the 884 residents who are renters. The absence of median income data suggests that understanding the local economic conditions requires deeper analysis. However, the FMR provides a benchmark for what the government deems affordable for low-income families, indicating that rents above this figure may be unaffordable for a significant portion of the rental population.
In ZIP 11958, where the market rate is also not specified, the FMR serves as an important reference point. If the market rate exceeds $2390, the affordability gap widens, potentially leading to increased competition among landlords for tenants who can pay the market rate. This scenario could result in a higher vacancy rate for properties priced above the FMR, as many potential renters would be unable to afford such rates without financial assistance.
For landlords considering their strategy between accepting housing vouchers versus relying on cash-paying tenants, the FMR offers a clear guideline. Properties priced at or below $2390 are more likely to attract voucher holders, ensuring a steady stream of rental income. However, landlords should also consider the administrative burden and payment delays associated with voucher programs.
The takeaway for landlords is to carefully evaluate their pricing strategy based on the FMR. Pricing units close to or below $2390 can ensure a stable tenant base, particularly if the market rate is significantly higher. Conversely, landlords who can manage the logistics of voucher programs might find this approach beneficial in securing occupancy in a competitive market.
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.