Location: Northwest Hills Planning Region, CT | Metro: Northwest Hills Planning Region, CT
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 | $1,250 |
| 1 Bedroom | $1,480 |
| 2 Bedrooms | $1,800 |
| 3 Bedrooms | $2,370 |
| 4 Bedrooms | $2,720 |
| 5 Bedrooms | $3,155 |
| 6 Bedrooms | $3,534 |
| 7 Bedrooms | $3,817 |
| 8 Bedrooms | $4,008 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $2,370 | $349,581 | 0.68% | D |
U.S. Census Bureau data (2024)
The ZIP code 06024, located within the Northwest Hills Planning Region of Connecticut's metro area, has a Family Monthly Income (FMR) set at $1,790 for fiscal year 2026. This figure represents the maximum income threshold for eligibility under the Section 8 program. Despite the lack of available market rent data for ZIP 06024, we can still draw comparisons using other metrics.
The median home value in ZIP 06024 stands at $347,860, which is notably lower than many areas within the Connecticut metro region. This suggests that 06024 might be considered a value pocket relative to its peers. However, it's important to note that the median home value alone doesn't tell the whole story; it must be weighed against the local rental market conditions.
The renter share in ZIP 06024 is 20.3%, indicating a significant portion of residents are renters. While this percentage is not unusually high, it does point towards an active rental market. The absence of market rent data makes it challenging to definitively classify 06024 as either a mid-tier neighborhood or a premium sub-market within its metro area. Nonetheless, the combination of a lower median home value with a decent renter share suggests potential attractiveness for Section 8 tenants.
In conclusion, based on the provided data, ZIP 06024 appears to offer a balance between affordability and location, making it a potentially valuable investment for landlords and small-portfolio investors looking to cater to Section 8 tenants. The lower median home value compared to the broader metro area could indeed signify a sweet spot for those seeking to manage properties in a more affordable yet desirable part of the region.
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.