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 | $1,430 |
| 1 Bedroom | $1,640 |
| 2 Bedrooms | $2,050 |
| 3 Bedrooms | $2,440 |
| 4 Bedrooms | $2,700 |
| 5 Bedrooms | $3,132 |
| 6 Bedrooms | $3,508 |
| 7 Bedrooms | $3,789 |
| 8 Bedrooms | $3,978 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $2,050 | $294,741 | 0.7% | D |
| 3BR | $2,440 | $434,522 | 0.56% | F |
| 4BR | $2,700 | $490,412 | 0.55% | F |
| 5BR | $3,132 | $523,350 | 0.6% | F |
U.S. Census Bureau data (2024)
The ZIP code 06218, located in Mansfield, Connecticut, presents an interesting scenario when analyzed from the perspective of renters. The median income in this area stands at $55,219, which is crucial for understanding the financial landscape faced by potential tenants. Given the market rate rent of $1,600, as reported by the Census Bureau's American Community Survey (ACS), it becomes evident that the cost of housing represents a significant portion of the average household's income.
To put this into context, let's consider the typical two-person household. If they earn the median income, their monthly take-home pay would be around $4,600, assuming a 25% tax rate. Deducting the market rate rent of $1,600 leaves them with approximately $3,000 per month for all other expenses, including utilities, groceries, healthcare, and transportation. This underscores the financial strain many renters face, especially when trying to maintain a balanced budget.
The Federal Market Rent (FMR) for ZIP 06218 in fiscal year 2024 is set at $1,910. This figure represents the maximum amount that a Section 8 voucher will cover, providing insight into the government's assessment of affordable housing costs in the area. Comparatively, the FMR exceeds the market rate by $310, indicating that voucher holders could potentially afford slightly higher rents than the current market rate suggests.
Given that 55.2% of the population are renters and the total population is 11,772, the competition among landlords is likely to be high. Many landlords might find themselves having to choose between accepting lower rents from voucher holders or risking vacancies by setting rents above the market rate but still below the FMR. The affordability gap means that landlords must carefully weigh the benefits of receiving guaranteed payments from the government against the potential for higher rents from cash-paying tenants who might struggle to meet those demands.
The takeaway for landlords considering voucher versus cash-pay strategies is that while vouchers provide stable, government-backed income, they also cap rental rates at the FMR level. On the other hand, cash-paying tenants offer the possibility of higher rents but come with the risk of non-payment and the need to screen for financial stability. In ZIP 06218, landlords should be prepared to offer competitive rents that align with both the market rate and the realities of the local economy, ensuring a balance between affordability for tenants and profitability for landlords.
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.