Location: Northeastern Connecticut Planning Region, CT | Metro: Northeastern Connecticut Planning Region, CT
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,090 |
| 1 Bedroom | $1,260 |
| 2 Bedrooms | $1,560 |
| 3 Bedrooms | $2,000 |
| 4 Bedrooms | $2,120 |
| 5 Bedrooms | $2,459 |
| 6 Bedrooms | $2,754 |
| 7 Bedrooms | $2,974 |
| 8 Bedrooms | $3,123 |
The ZIP code 06244 corresponds to East Woodstock, a town located in Northeastern Connecticut. Notably, the data available for this ZIP code is limited, particularly regarding population metrics. However, it is classified as a PO Box ZIP code, which means it is primarily used for post office boxes rather than residential addresses.
Given the nature of ZIP code 06244 as a PO Box designation, specific demographic details such as the percentage of renters, median income, and median home value are not directly applicable. Instead, we focus on the rental economics relevant to this area.
The Fair Market Rent (FMR) for ZIP code 06244 is set at $1570 for fiscal year 2024. This figure serves as a benchmark for landlords and voucher operators, indicating the average rent amount that qualifies for assistance under the Section 8 program. Despite the lack of precise market rent data, the FMR provides a solid reference point for assessing rental properties' suitability for Section 8 tenants.
Considering the characteristics of ZIP code 06244, it would likely appeal to hands-off voucher operators rather than hands-on value-add buyers. The PO Box classification suggests a lower density of residential units, making it less suitable for active property management or renovation projects aimed at increasing property values. For hands-off operators, the fixed rent amount supported by the FMR ensures a predictable and stable revenue stream.
In summary, ZIP code 06244 in East Woodstock, CT, is best suited for hands-off Section 8 operators who seek reliable and consistent returns based on the established FMR of $1570. It is not ideal for investors looking to actively manage or enhance their property portfolios through renovations or improvements.
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.