Location: Nassau-Suffolk, NY | Metro: Nassau-Suffolk, NY HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,950 |
| 1 Bedroom | $2,270 |
| 2 Bedrooms | $2,670 |
| 3 Bedrooms | $3,430 |
| 4 Bedrooms | $3,650 |
| 5 Bedrooms | $4,234 |
| 6 Bedrooms | $4,742 |
| 7 Bedrooms | $5,121 |
| 8 Bedrooms | $5,377 |
U.S. Census Bureau data (2024)
To understand the economics of Section 8 housing in ZIP code 11970, it's essential to grasp how the program operates financially. For a two-bedroom apartment in this specific ZIP code, the SAFMR (Standard Area Fair Market Rent) for fiscal year 2024 is set at $2470. This figure represents the maximum amount that the Housing Choice Voucher Program will pay for rent in this area.
The SAFMR is based on local rental market conditions and is adjusted annually. However, the actual rent paid by tenants using vouchers is calculated differently. Tenants are typically responsible for paying 30% of their adjusted monthly income toward rent. The remainder is covered by the voucher, up to the SAFMR limit. Additionally, there are utility allowances that vary but are generally around $200 per month for electricity, gas, water, and sewer services.
Let's break down the reimbursement process. If a landlord rents a two-bedroom unit for $2470, the voucher will cover the entirety of this amount, assuming the tenant's portion is below the total rent. To illustrate, if a tenant's monthly adjusted income is $1600, they would contribute $480 (30%) towards the rent. The voucher would then cover the remaining $1990, plus any applicable utility allowance, which could bring the total reimbursement close to $2470.
It's important to note that landlords do not receive the entire SAFMR amount automatically; they must ensure the rent does not exceed the SAFMR and that the tenant's portion is accurately calculated. In ZIP 11970, the SAFMR is tailored to reflect the local rental market conditions, making it a precise benchmark for landlords.
In terms of the reimbursement gap or surplus, if the local market rent is higher than the SAFMR, landlords might face a shortfall. Conversely, if the local market rent is lower, landlords might benefit from a surplus. Given the SAFMR of $2470 and the lack of specific local market rent data, we can only assume that landlords renting below this amount would see a surplus, while those above would have a gap.
For instance, if the local market rent is $2600, the landlord would need to either reduce the rent to match the SAFMR or absorb the difference, as the voucher will not cover the excess. This scenario leaves a reimbursement gap of $130 per month for the landlord.
Landlords should carefully consider these factors when setting their rental rates in ZIP 11970 to ensure compliance with Section 8 requirements and to manage their financial expectations effectively.
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.