Section 8 Fair Market Rent (FMR) for ZIP 06057 - 2027
Location: Northwest Hills Planning Region, CT | Metro: Northwest Hills Planning Region, CT
FY 2027 Fair Market Rent Rates
| Unit Size |
Monthly FMR |
| Studio | $1,130 |
| 1 Bedroom | $1,330 |
| 2 Bedrooms | $1,620 |
| 3 Bedrooms | $2,140 |
| 4 Bedrooms | $2,450 |
| 5 Bedrooms | $2,842 |
| 6 Bedrooms | $3,183 |
| 7 Bedrooms | $3,438 |
| 8 Bedrooms | $3,610 |
Demographics & Housing Statistics
U.S. Census Bureau data (2024)
Median Household Income
$117,906
To determine if you should buy in ZIP code 06057 (New Hartford, CT) for Section 8 investment, follow this decision tree:
- 1) Does the Fair Market Rent (FMR) of $1,580 cover the debt service on a property valued at $458,141?
- Yes: The FMR of $1,580 can clear the debt service on a property priced at $458,141, assuming a typical mortgage rate and terms.
- No: The FMR of $1,580 does not sufficiently cover the debt service on a property costing $458,141 under standard financing conditions.
- 2) How does the market rent of $1,321 compare to the FMR?
- Above FMR: If the market rent were above the FMR, it would indicate strong rental demand and potentially higher returns. However, in this case, the market rent of $1,321 is below the FMR of $1,580.
- At or Below FMR: Since the market rent of $1,321 is below the FMR, it suggests that the rental income might be lower than what is needed to fully support the property's value under Section 8 guidelines.
- 3) Is there sufficient demand with 11.6% of residents being renters and an unknown number of days on the market (DOM)?
- It Depends: With 11.6% of residents renting, the demand is relatively low. The lack of data regarding the average days on the market (DOM) makes it difficult to assess how quickly properties are rented out. This uncertainty means that while there is some demand, it may not be robust enough to ensure quick turnover and stable occupancy rates.
If the FMR of $1,580 does not cover the debt service on a $458,141 property, then the answer is No. Even if the FMR exceeds the debt service, if the market rent is below the FMR, the answer remains No due to insufficient rental income. Lastly, if the FMR covers the debt service and the market rent is at or near the FMR, but the demand is low and DOM is unknown, the answer is It Depends, requiring further investigation into local rental dynamics and market trends.
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.