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 |
To profile ZIP code 06167 as a Section 8 tenant pool, we must first acknowledge the limitations of the available data. The population, percentage of renters, and median household income are listed as 'N/A', indicating a lack of specific statistical information. However, based on the information provided about the Fair Market Rent (FMR), we can infer some aspects relevant to landlords and small-portfolio investors.
The FMR for ZIP 06167 is set at $1650 for fiscal year 2024. This figure represents the maximum amount that landlords can charge tenants who receive federal rental assistance. While the exact percentage of local income that goes towards rent cannot be calculated due to missing income data, it's crucial to understand how this FMR compares to typical market rents.
Without specific local rent figures, it's challenging to determine whether the area is renter-heavy with high voucher demand or dominated by homeowners with fewer vouchers circulating. However, if we assume that market rents are close to the FMR, then landlords can expect a significant portion of their tenant pool to be relying on Section 8 vouchers. This assumption is based on the fact that voucher holders are often low-income individuals seeking affordable housing options.
In terms of tenant profiles, landlords in ZIP 06167 should anticipate a mix of families and individuals who qualify for federal housing assistance. These tenants will likely have an income level that necessitates the use of vouchers to afford housing at the FMR of $1650 per month. Landlords should prepare for the administrative requirements associated with accepting Section 8 tenants, including working with housing authorities and maintaining properties to meet program standards.
To make informed decisions, landlords and investors should seek out additional data sources to fill in the gaps regarding population, rental rates, and income levels. Local real estate associations, housing authority reports, and census data can provide a clearer picture of the rental market dynamics and the potential success of Section 8 properties in this area.
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.