Location: Northwest Hills Planning Region, CT | Metro: Northwest Hills Planning Region, CT
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,510 |
| 1 Bedroom | $1,740 |
| 2 Bedrooms | $2,160 |
| 3 Bedrooms | $2,780 |
| 4 Bedrooms | $3,080 |
| 5 Bedrooms | $3,573 |
| 6 Bedrooms | $4,002 |
| 7 Bedrooms | $4,322 |
| 8 Bedrooms | $4,538 |
U.S. Census Bureau data (2024)
The ZIP code 06091 presents a dynamic rental market with specific characteristics that suggest a balance between supply and demand, but with leanings towards higher housing pressures due to a significant renter population. The Fair Market Rent (FMR) for the area, set at $1,650 for fiscal year 2024, reflects the government's assessment of what is considered a reasonable rent level for the region. This figure is notably lower than the actual market rent of $1,896, as reported by the Census American Community Survey (ACS).
The disparity between the FMR and the market rent indicates that landlords can command higher rents than the government benchmark suggests. However, the absence of data on price-cut shares and days on market (DOM) makes it challenging to determine if there is a surplus of rental units or if landlords are frequently reducing rents to attract tenants.
A median home value of $435,994 suggests that homeownership is relatively expensive in this area, which could be driving up the renter share to 26.9%. This high percentage of renters points to an ongoing and potentially increasing demand for rental properties, as many individuals and families find purchasing homes to be financially unfeasible. The dynamics of a high renter share often imply that the area faces long-term housing pressure, with rental properties being essential to meet the needs of residents who cannot afford to buy homes.
In summary, ZIP 06091 is characterized by a rental market where actual rents exceed government benchmarks, indicating strong demand. The high median home value supports this, as it suggests that homeownership is out of reach for a large segment of the population, leading them to rely on rentals. Landlords and small-portfolio investors should be aware of these trends and prepare for a market that continues to require a steady supply of rental units to accommodate the local population.
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.