Location: Hartford-West Hartford-East Hartford, CT | Metro: Hartford-West Hartford-East Hartford, CT MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,330 |
| 1 Bedroom | $1,520 |
| 2 Bedrooms | $1,910 |
| 3 Bedrooms | $2,280 |
| 4 Bedrooms | $2,510 |
| 5 Bedrooms | $2,912 |
| 6 Bedrooms | $3,261 |
| 7 Bedrooms | $3,522 |
| 8 Bedrooms | $3,698 |
U.S. Census Bureau data (2024)
ZIP code 06022, located within the Hartford-West Hartford-East Hartford, CT MSA metro area, can serve as a cash-flow anchor in a Section 8 portfolio strategy. The Fair Market Rent (FMR) for FY 2024 in this ZIP code is set at $1690, which is the baseline rental rate that Section 8 tenants can afford. Given that there is no available market rental data or median home value for comparison, the FMR serves as a reliable indicator of the maximum allowable rent for Section 8 units.
The absence of market rental data suggests limited competition and a stable rental environment. This stability is crucial for cash flow predictability, ensuring landlords receive consistent rental payments without the risk of vacancy or non-payment. Section 8 tenants have their rent subsidized by the government, which means the payment is guaranteed, making this ZIP code an attractive option for those seeking a secure and predictable income stream.
Additionally, the median income figure of $250,011 indicates a relatively affluent neighborhood. However, the 0.0% renter share highlights that homeownership is prevalent, and thus, the demand for rental properties might be lower. Despite this, the high median income suggests that the population has the financial capability to support higher property values and potentially higher rents outside of the Section 8 program, should the landlord choose to pivot in the future.
In conclusion, ZIP 06022 is best suited as a cash-flow anchor due to the guaranteed rental payments from Section 8 tenants, the stable rental environment indicated by the lack of competitive market data, and the potential for future value appreciation supported by the high median income of the area. This strategy provides a solid foundation for landlords and small-portfolio investors looking to mitigate risks and ensure steady cash flows.
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.