Location: Nassau-Suffolk, NY | Metro: Nassau-Suffolk, NY HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $2,530 |
| 1 Bedroom | $2,940 |
| 2 Bedrooms | $3,470 |
| 3 Bedrooms | $4,460 |
| 4 Bedrooms | $4,730 |
| 5 Bedrooms | $5,487 |
| 6 Bedrooms | $6,145 |
| 7 Bedrooms | $6,637 |
| 8 Bedrooms | $6,969 |
U.S. Census Bureau data (2024)
Households in ZIP code 11975, with a median income of $131,042, can comfortably afford the market rate rent of $55,000 per year, which equates to approximately $4,583 per month. This suggests that the area is economically robust, with residents having substantial disposable income after covering their housing costs.
The Federal Market Rent (FMR) standard for 2024, set at $3150 per month, represents a significant discount compared to the market rate. For landlords, accepting Section 8 vouchers means receiving payments at the FMR level, which is less than half of what the market could bear. This creates an affordability gap where only a portion of the local population would be eligible for Section 8 assistance, given the disparity between FMR and market rates.
With only 7.1% of the population renting and a total population of 450, there is limited competition among renters for available units. The majority of residents likely own their homes, reducing the pool of potential tenants further. This scenario means that landlords can focus on attracting cash-paying tenants who can afford the higher market rents.
For landlords considering their strategy, the key takeaway is clear. While Section 8 vouchers provide a stable income stream, the lower rent amount compared to market rates means a reduced revenue. Given the economic profile of ZIP 11975, targeting cash-paying tenants who can meet the $55,000 annual market rate will likely yield better financial returns. However, landlords should also consider the demand for affordable housing and the potential benefits of diversifying their tenant mix to include both voucher recipients and cash-paying residents.
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.