Location: Norwich-New London-Willimantic, CT | Metro: Norwich-New London-Willimantic, CT MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,330 |
| 1 Bedroom | $1,520 |
| 2 Bedrooms | $1,910 |
| 3 Bedrooms | $2,430 |
| 4 Bedrooms | $3,010 |
| 5 Bedrooms | $3,492 |
| 6 Bedrooms | $3,911 |
| 7 Bedrooms | $4,224 |
| 8 Bedrooms | $4,435 |
U.S. Census Bureau data (2024)
1520 is the Fair Market Rent (FMR) for ZIP code 06320 in New London, CT, for fiscal year 2024. 1635 represents the actual market rent (ZORI), indicating a slight premium over the FMR. The median home value stands at 312559, which suggests a moderate housing market where properties are neither excessively expensive nor cheap. 63.9 percent of the population are renters, highlighting a strong demand for rental properties in the area. 59170 is the median income, a figure that supports the viability of tenants paying market rents. Price-cut share is 0.1%, showing that the market is relatively stable, with few landlords needing to reduce their asking prices. Day DOM is not available, but given the low price-cut share, it's likely that properties are moving quickly off the market. In summary, the combination of a moderate median home value, a high renter share, and a robust median income makes ZIP 06320 an attractive investment location for both landlords and small-portfolio investors. The slight difference between the FMR and ZORI suggests a competitive market, yet one where rental income can be slightly above the government-set standards. Given these factors, ZIP 06320 is suitable for Section 8 participation.
Data Sources: FMR data from HUD (2027). 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.