Section 8 Fair Market Rent (FMR) for ZIP 00917 - 2027

FY 2027 Fair Market Rent Rates

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

54.5% of residents in ZIP 00917 (, CT) are renters, indicating a strong demand for rental properties in the area. $590 is the Fair Market Rent (FMR) for Section 8 housing in this zip code for fiscal year 2024, which is slightly higher than the $575 reported by the Census Bureau's American Community Survey for the general market rent. This suggests that Section 8 rates are competitive with the local rental market. However, the median income of $19,357 is notably low, which could pose challenges for landlords seeking to attract tenants who can afford higher rents outside of the Section 8 program. The lack of data on days on market (DOM) and the percentage of price-cut shares implies that there might be limited historical transaction data available, making it difficult to assess the typical time frame for renting out properties and the frequency of price adjustments. Despite these uncertainties, the alignment between the Section 8 FMR and the market rent makes this ZIP code a viable option for landlords looking to participate in the Section 8 program.

Landlords in ZIP 00917 should be aware that the $590 FMR is set to ensure affordability for low-income families, which aligns closely with the local average market rent of $575. This means that landlords who choose to accept Section 8 tenants will likely receive a rent payment that is reflective of the actual market conditions. Given the high renter share of 54.5%, there is a significant pool of potential tenants who might benefit from the Section 8 program. While the median income figure of $19,357 indicates financial constraints among the population, the Section 8 subsidy system is designed to bridge the gap between what tenants can afford and the rent required by landlords, ensuring that the financial burden does not fall solely on either party.

The absence of specific figures for DOM and price-cut share suggests that landlords might need to rely more heavily on qualitative assessments of the local rental market when setting their expectations. Nonetheless, the close match between the FMR and the market rent, combined with the substantial renter share, points towards a stable and potentially lucrative opportunity for those willing to engage with the Section 8 program. For small-portfolio investors, the decision to participate in Section 8 should be carefully weighed against the overall economic profile of the ZIP code, but the data supports the conclusion that it is a reasonable choice.

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.