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 | $2,630 |
| 1 Bedroom | $3,070 |
| 2 Bedrooms | $3,610 |
| 3 Bedrooms | $4,650 |
| 4 Bedrooms | $4,930 |
| 5 Bedrooms | $5,719 |
| 6 Bedrooms | $6,405 |
| 7 Bedrooms | $6,917 |
| 8 Bedrooms | $7,263 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $3,610 | $1,141,542 | 0.32% | F |
| 3BR | $4,650 | $1,541,295 | 0.3% | F |
| 4BR | $4,930 | $2,278,968 | 0.22% | F |
| 5BR | $5,719 | $3,810,982 | 0.15% | F |
U.S. Census Bureau data (2024)
The ZIP code 11964, which encompasses Shelter Island, NY, stands out due to its unique demographic and economic characteristics. With a population of 2,906 residents, only 6.7% rent their homes, indicating a predominantly owner-occupied community. The median household income is notably high at $134,620, reflecting the affluent nature of the area. Moreover, the median home value of $1,686,112 is exceptionally high, suggesting that Shelter Island is a premium residential market.
In terms of Section 8 housing vouchers, the Fair Market Rent (FMR) for ZIP 11964 has been set at $3,130 for fiscal year 2024. However, the lack of specific market rent data for the area means that landlords must rely on the FMR as a guideline for rental rates. This discrepancy between the high median home value and the relatively modest FMR highlights the challenge landlords face when considering Section 8 tenants in such an exclusive market.
Given the data, the ZIP 11964 appears to be stable. The low percentage of renters indicates a strong preference for homeownership among the local population, which is consistent with the high median home value. The significant disparity between the median home value and the FMR suggests that the demand for affordable rentals is limited, making it difficult for Section 8 tenants to find suitable housing options in this ZIP code. As a result, landlords should carefully consider the potential impact of accepting Section 8 vouchers on their property management strategy.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-08-31). 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.