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 | $1,600 |
| 1 Bedroom | $1,840 |
| 2 Bedrooms | $2,300 |
| 3 Bedrooms | $2,740 |
| 4 Bedrooms | $3,020 |
| 5 Bedrooms | $3,503 |
| 6 Bedrooms | $3,923 |
| 7 Bedrooms | $4,237 |
| 8 Bedrooms | $4,449 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $1,840 | $192,503 | 0.96% | C |
| 2BR | $2,300 | $342,220 | 0.67% | D |
| 3BR | $2,740 | $436,390 | 0.63% | D |
| 4BR | $3,020 | $564,994 | 0.53% | F |
| 5BR | $3,503 | $644,229 | 0.54% | F |
U.S. Census Bureau data (2024)
The analysis of ZIP 06029, located in Ellington, CT, within the Hartford-West Hartford-East Hartford, CT MSA metro area, reveals several key points for landlords and small-portfolio investors.
Firstly, the rent math does not work in favor of landlords. The Fair Market Rent (FMR) set at $1880 for the fiscal year 2024 is higher than the market rent, which stands at $1,695. This discrepancy suggests that landlords may struggle to charge the FMR without facing resistance from tenants who are accustomed to paying less.
Secondly, the acquisition cost is relatively affordable. With a median home value of $430,767, this ZIP code offers a reasonable entry point for real estate investment. However, the lack of available data on days on market (DOM) and the low percentage of homes requiring price cuts (0.1%) indicate that the housing market might be tight, with limited opportunities for significant bargaining power during purchases.
Lastly, there is sufficient tenant demand to support rental investments. The ZIP code has a population of 16,238, with a notable 27.8% of residents being renters. This indicates a substantial pool of potential tenants, making it feasible to find occupants for rental properties.
In summary, while the rent math does not align favorably with the FMR, the affordability of property acquisitions and the presence of a considerable tenant base make ZIP 06029 a viable option for real estate investment. Landlords should focus on understanding local market dynamics and setting competitive rents to ensure occupancy rates.
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.