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 | $2,420 |
| 4 Bedrooms | $3,000 |
| 5 Bedrooms | $3,480 |
| 6 Bedrooms | $3,898 |
| 7 Bedrooms | $4,210 |
| 8 Bedrooms | $4,421 |
U.S. Census Bureau data (2024)
63.6% of residents in ZIP code 06336 are renters, indicating a strong demand for rental properties. $1470 is the Fair Market Rent (FMR) set for zip code 06336 for fiscal year 2024, which represents the maximum amount a landlord can charge for a Section 8 voucher. Despite the high rental demand, the market rent figure is listed as N/A, suggesting limited recent data on average rental prices in the area. The median home value is also noted as N/A, which might imply that the majority of homes in the area are rentals rather than owner-occupied. Landlords in this area should be aware that the median income is $133,750, which could influence the eligibility criteria for potential tenants applying through the Section 8 program. With the percentage of price-cut share and days on market both listed as N/A, there's insufficient data to gauge the competitiveness of the housing market or the frequency of price reductions. However, given the significant portion of renters and the established FMR, it's clear that there's a substantial opportunity for landlords and small-portfolio investors who understand the intricacies of the Section 8 program.
The lack of specific market rent and median home value data doesn't detract from the fact that the Section 8 FMR of $1470 provides a reliable benchmark for setting rental prices. This figure ensures that landlords are not only complying with federal guidelines but also maximizing their returns within legal limits. Given the high median income of $133,750, landlords might find that some tenants may qualify for higher payment standards, allowing for rents above the FMR if the tenant's income justifies it. In conclusion, the ZIP code 06336 presents a viable investment opportunity for those interested in Section 8 properties, especially considering the high renter share of 63.6%. The verdict: ZIP code 06336 is a solid choice for Section 8 investments due to high renter demand and clear FMR guidelines.
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.