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 | $1,320 |
| 1 Bedroom | $1,510 |
| 2 Bedrooms | $1,890 |
| 3 Bedrooms | $2,250 |
| 4 Bedrooms | $2,490 |
| 5 Bedrooms | $2,888 |
| 6 Bedrooms | $3,235 |
| 7 Bedrooms | $3,494 |
| 8 Bedrooms | $3,669 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,890 | $247,916 | 0.76% | D |
| 3BR | $2,250 | $328,173 | 0.69% | D |
| 4BR | $2,490 | $361,181 | 0.69% | D |
| 5BR | $2,888 | $381,864 | 0.76% | D |
U.S. Census Bureau data (2024)
The ZIP code 06118, located in East Hartford, Connecticut, presents a unique challenge for renters when considering the affordability of housing. The median household income in this area stands at $79,740, which places significant constraints on how much can be allocated towards rent. The market rate for rent, known as the Zillow Observed Rent Index (ZORI), is set at $1,558 per month. This figure represents the average rent paid for a rental property in the area.
In comparison, the Fair Market Rent (FMR) for the zip code for fiscal year 2024 is $1,600, which is the standard used for calculating Housing Choice Voucher payments. While the FMR is slightly higher than the market rate, it is still within reach for many households given the median income. However, the true test of affordability lies in the gap between these rates and the actual financial capacity of renters.
With 27.6% of the 27,419 population being renters, there is a notable segment of the community that must navigate this affordability landscape. The difference between the median income and the cost of rent suggests that while some households might find the $1,558 market rate manageable, others may struggle, especially if they have other substantial expenses such as healthcare, education, or childcare.
The affordability gap means that landlords in ZIP 06118 face a competitive market where attracting tenants who can consistently pay the full market rate is a challenge. Some renters may opt for properties that offer lower rents or seek assistance through programs like the Housing Choice Voucher (HCV) program.
For landlords considering their strategy, the decision between accepting vouchers versus relying on cash-paying tenants hinges on understanding the local rental dynamics. Accepting vouchers, which are guaranteed by the government, can provide a steady stream of income, albeit at a fixed rate. On the other hand, cash-paying tenants might offer slightly higher rents but come with the risk of defaulting due to the financial pressures they face.
Takeaway: Landlords in ZIP 06118 should consider diversifying their tenant mix to include both voucher recipients and cash-paying tenants. Given the median income and the slight disparity between market rates and FMR, there is potential to attract tenants who can afford the full market rate, but also preparing for the benefits and limitations of accepting vouchers is crucial for long-term stability.
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.