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 | $1,340 |
| 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 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $1,540 | $253,995 | 0.61% | D |
| 2BR | $1,930 | $306,433 | 0.63% | D |
| 3BR | $2,300 | $417,079 | 0.55% | F |
| 4BR | $2,540 | $519,928 | 0.49% | F |
| 5BR | $2,946 | $541,608 | 0.54% | F |
U.S. Census Bureau data (2024)
The ZIP code 06218 in Coventry, CT, presents an interesting scenario for both renters and landlords. The median household income in this area is $108,213, which is quite substantial. However, when it comes to housing costs, the median rent of $1,232 per month (as reported by the Census ACS) represents a significant portion of the average household budget. To put this into perspective, a household earning the median income would spend approximately 14% of their monthly income on rent alone.
Comparatively, the Fair Market Rent (FMR) for ZIP 06218, set at $1,670 for fiscal year 2024, is higher than the current market rate. This means that while the actual market rate is lower, the voucher payment standard aims to cover a larger share of the rental market. If we consider the voucher payment, it would represent around 19% of the median household income.
Given that only 9.3% of the 12,326 population are renters, there is a relatively small pool of potential tenants. This limited demand can lead to increased competition among landlords to attract and retain renters. Landlords who accept vouchers may find themselves with a broader tenant base, considering the higher payment standard compared to the market rate.
The affordability gap in Coventry highlights the challenge for many households to pay rent without assistance. For landlords, this means that accepting Section 8 vouchers could be a strategic move to secure consistent rental income and tap into a segment of the market that might otherwise struggle to afford housing. On the other hand, relying solely on cash-paying tenants could limit the number of available prospects, especially those who earn closer to the median income and find the market rate challenging.
Takeaway: Landlords in ZIP 06218 should consider the benefits of accepting Section 8 vouchers. While the median income suggests a strong cash-paying market, the high voucher payment standard and the relatively low percentage of renters indicate that voucher acceptance could provide a competitive advantage and ensure a steady stream of income.
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.