Location: Hartford-West Hartford-East Hartford, CT | Metro: Hartford-West Hartford-East Hartford, CT MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,340 |
| 1 Bedroom | $1,540 |
| 2 Bedrooms | $1,930 |
| 3 Bedrooms | $2,300 |
| 4 Bedrooms | $2,540 |
| 5 Bedrooms | $2,946 |
| 6 Bedrooms | $3,300 |
| 7 Bedrooms | $3,564 |
| 8 Bedrooms | $3,742 |
The ZIP code 06132 in Unknown, CT, lacks comprehensive demographic data, including population size, percentage of renters, and median household income. This scarcity of information makes it challenging to definitively classify the area as either renter-heavy or homeowner-dominated. However, we can still analyze the potential demand for Section 8 tenants based on available data.
To assess the viability of Section 8 tenants, we need to consider the Fair Market Rent (FMR), which is set at $1650 for FY 2024 in this ZIP code. Without specific local income figures, we cannot calculate the exact percentage of income that typical rent consumes. Nonetheless, if we assume that the median household income is below or close to the federal poverty level, it would suggest a higher concentration of potential voucher holders.
The absence of detailed income data hinders a precise comparison between market rents and local incomes. Typically, landlords in areas with a significant number of Section 8 tenants find themselves catering to individuals and families who rely heavily on housing vouchers due to low-income status. The FMR serves as an upper limit for rental assistance payments, meaning landlords should aim to keep their rents around or slightly below this figure to attract and retain Section 8 tenants.
In the context of ZIP 06132, landlords should prepare for a tenant pool that likely includes many individuals and families dependent on housing vouchers. These tenants will have strict income limits and will require proof of eligibility for the Section 8 program. Landlords must be ready to comply with HUD regulations and conduct thorough background checks to ensure they are renting to qualified applicants. Given the lack of detailed local economic indicators, reliance on the FMR as a guideline is crucial for setting competitive yet compliant rental rates.
A landlord in ZIP 06132 should expect a tenant profile characterized by financial constraints and a strong reliance on government assistance for housing. This means being prepared to work within the framework of the Section 8 program, which caps rent at $1650, and understanding the needs and limitations of low-income tenants.
Data Sources: FMR data from HUD (2027).
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.