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 | $1,370 |
| 1 Bedroom | $1,570 |
| 2 Bedrooms | $1,970 |
| 3 Bedrooms | $2,350 |
| 4 Bedrooms | $2,590 |
| 5 Bedrooms | $3,004 |
| 6 Bedrooms | $3,364 |
| 7 Bedrooms | $3,633 |
| 8 Bedrooms | $3,815 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,970 | $339,137 | 0.58% | F |
| 3BR | $2,350 | $441,741 | 0.53% | F |
| 4BR | $2,590 | $545,801 | 0.47% | F |
| 5BR | $3,004 | $661,296 | 0.45% | F |
U.S. Census Bureau data (2024)
The ZIP code 06035, located in Granby, CT, falls within the larger Hartford-West Hartford-East Hartford, CT MSA metro area. To analyze its position relative to other ZIP codes within the same metro, we can look at several key metrics: Fair Market Rent (FMR), market rent, home value, and renter share.
Fair Market Rent (FMR): $1720 - This figure represents the maximum amount that a low-income household should pay in rent for a two-bedroom apartment. The FMR for ZIP 06035 is notably higher than the market rent, indicating a potential subsidy gap for renters who qualify for Section 8 assistance. Landlords in this area might find it challenging to attract tenants relying solely on Section 8 vouchers due to the higher FMR threshold.
Market Rent: $1,357 - Compared to the FMR, the actual market rent is lower, suggesting that landlords could potentially offer competitive rates to both voucher holders and non-voucher tenants. However, this still reflects a higher rental cost than many other areas within the metro, which may limit the attractiveness to low-income households.
Home Value: $438,354 - This places ZIP 06035 at a premium level within the metro. Home values in this ZIP are significantly above average, making it less accessible to first-time buyers and potentially increasing competition among landlords for rental properties.
Renter Share: 11.2% - The proportion of renters in ZIP 06035 is relatively low compared to other areas within the metro. Typically, a higher renter share might indicate a greater demand for affordable housing options, but in this case, the low renter share coupled with high home values suggests a predominantly owner-occupied community.
Based on these figures, ZIP 06035 appears to be a premium sub-market within the Hartford-West Hartford-East Hartford, CT MSA. The high home values and low renter share point towards a neighborhood where homeownership is more prevalent and where rental units are likely to command higher rents. While the FMR is high, the actual market rent is lower, creating an opportunity for landlords to attract both voucher holders and non-voucher tenants. However, the overall premium nature of the market means that it may not be the best value pocket for Section 8 investors seeking lower-cost opportunities. Instead, it represents a niche market where landlords can benefit from higher rental income, albeit with the challenge of attracting low-income tenants.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-08-31). 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.