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 06138, located in Hartford-West Hartford-East Hartford County, Connecticut, presents a unique opportunity for Section 8 investors. The HUD Fair Market Rent (FMR) for this area in fiscal year 2024 is set at $1650. However, due to the lack of specific market rent data for comparison, it's essential to consider other factors that influence the profitability of Section 8 properties in this region.
The median home value in ZIP 06138 is not available, which makes deriving an exact rent-to-price ratio challenging. Nevertheless, the HUD FMR provides a benchmark for rental income that can be used to assess potential cash flow scenarios. Given the FMR figure, voucher tenants in ZIP 06138 will generally cashflow at the HUD rate, meaning the rent received from the voucher program should cover operating expenses and leave a profit margin for landlords. This scenario assumes typical maintenance and vacancy rates without significant unexpected costs.
The absence of day median Days on Market (DOM) and percentage of price cut data suggests that there might be limited activity in the residential real estate market, which could indicate stability rather than volatility. Stability is crucial for Section 8 investors who rely on consistent rental income over time. The HUD FMR is designed to reflect stable rental rates based on regional housing markets, thus providing a reliable basis for investment decisions.
The strongest angle for Section 8 investors in ZIP 06138 is cashflow. Despite the unavailability of specific market rent and home value data, the HUD FMR of $1650 is structured to ensure that landlords receive sufficient rent to cover their costs and generate a steady income stream. This predictability is particularly valuable in areas where market conditions are less transparent or volatile.
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.