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 | $1,290 |
| 1 Bedroom | $1,480 |
| 2 Bedrooms | $1,850 |
| 3 Bedrooms | $2,200 |
| 4 Bedrooms | $2,430 |
| 5 Bedrooms | $2,819 |
| 6 Bedrooms | $3,157 |
| 7 Bedrooms | $3,410 |
| 8 Bedrooms | $3,581 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $1,480 | $125,736 | 1.18% | B |
| 2BR | $1,850 | $254,404 | 0.73% | D |
| 3BR | $2,200 | $347,482 | 0.63% | D |
| 4BR | $2,430 | $465,767 | 0.52% | F |
| 5BR | $2,819 | $517,459 | 0.54% | F |
U.S. Census Bureau data (2024)
The ZIP code 06040 in Manchester, CT, stands out within Hartford County due to its unique demographic and economic characteristics. With a population of 35,813, it boasts a rental rate of 45.8%, indicating a significant portion of residents prefer leasing over homeownership. The median income in the area is $83,422, which is relatively strong compared to many other regions. However, the median home value of $334,540 suggests that purchasing property remains a substantial investment.
Moving into the specifics of Section 8 housing, the Fair Market Rent (FMR) for ZIP 06040 in fiscal year 2024 is set at $1,600. This figure is notably lower than the market rent, as indicated by the Zillow Observed Rent Index (ZORI), which currently sits at $1,748. Landlords should be aware that while the FMR provides a baseline for rental assistance, the actual market conditions may necessitate adjustments to ensure properties remain competitive and attractive to potential tenants.
The economic stability of ZIP 06040 can be assessed through its data signature. A median income of $83,422 supports a moderate level of economic security among residents, and the high percentage of renters points to a dynamic housing market. Despite these factors, the discrepancy between the FMR and the ZORI suggests that the area may be experiencing transitional pressures, particularly in terms of affordability and demand for rental units. Therefore, the overall data signature of ZIP 06040 reads as transitional, with opportunities for both landlords and small-portfolio investors to adapt to changing market dynamics.
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.