Location: Hartford-West Hartford-East Hartford, CT | Metro: Hartford-West Hartford-East Hartford, CT MSA
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 | $1,510 |
| 1 Bedroom | $1,730 |
| 2 Bedrooms | $2,170 |
| 3 Bedrooms | $2,590 |
| 4 Bedrooms | $2,850 |
| 5 Bedrooms | $3,306 |
| 6 Bedrooms | $3,703 |
| 7 Bedrooms | $3,999 |
| 8 Bedrooms | $4,199 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $2,170 | $298,844 | 0.73% | D |
| 3BR | $2,590 | $448,024 | 0.58% | F |
| 4BR | $2,850 | $506,253 | 0.56% | F |
| 5BR | $3,306 | $531,932 | 0.62% | D |
U.S. Census Bureau data (2024)
The ZIP code 06016, located in Broad Brook, Connecticut, presents an interesting scenario for both renters and landlords. The median household income here stands at a robust $120,399, which suggests that residents have disposable income. However, when it comes to housing costs, the median market rent is set at $1,592. This figure represents a significant portion of the average household's budget, particularly when considering other living expenses.
To put this into perspective, the Fair Market Rent (FMR) established by HUD for zip code 06016 in fiscal year 2024 is $2,030. This amount is the maximum that a Section 8 voucher holder can pay towards their rent. Comparing the market rate of $1,592 to the FMR of $2,030 reveals a substantial gap. Landlords who accept Section 8 vouchers could potentially charge up to the FMR, thus receiving a higher rent payment than the current market rate.
With approximately 29.4% of the 6,959 population being renters, there is a notable segment of the community looking for affordable housing options. This demographic mix means that landlords face competition in attracting tenants, especially those who might be seeking more affordable rents. The affordability gap between the median income and median rent indicates that some renters might find it challenging to secure housing without assistance.
For landlords considering their rental strategies, accepting Section 8 vouchers can be a viable option. Given the higher potential rent payments compared to the current market rate, landlords can benefit financially while also providing essential housing support to lower-income families. However, it's important to note that managing properties under the voucher program involves adherence to certain guidelines and regulations, which can differ from traditional cash-paying tenants.
The takeaway for landlords is that there is a financial incentive to participate in the Section 8 program, given the disparity between market rates and the FMR. This strategy can help attract a steady stream of tenants and ensure consistent rental income. Nonetheless, understanding the requirements and responsibilities associated with the voucher program is crucial before making a decision.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-07-31). 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.