Location: Norwich-New London-Willimantic, CT | Metro: Norwich-New London-Willimantic, CT MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,300 |
| 1 Bedroom | $1,480 |
| 2 Bedrooms | $1,860 |
| 3 Bedrooms | $2,360 |
| 4 Bedrooms | $2,940 |
| 5 Bedrooms | $3,410 |
| 6 Bedrooms | $3,819 |
| 7 Bedrooms | $4,125 |
| 8 Bedrooms | $4,331 |
U.S. Census Bureau data (2024)
ZIP code 06338 is not a renter-heavy area; only 0.0% of the population are renters. This indicates that the majority of residents in this ZIP code own their homes rather than renting. With a median household income of $137,500, the area is relatively affluent. However, there is no specific data provided on the market rent for this ZIP code, making it impossible to determine exactly what percentage of local income goes towards typical rent. The Fair Market Rent (FMR) for ZIP 06338 is $1560 per month as of FY 2024, which is slightly below the median household income.
The lack of rental demand suggests that landlords in ZIP 06338 will likely encounter fewer potential tenants using Section 8 vouchers. This means that landlords should not heavily rely on Section 8 tenants as a primary source of income. Instead, they might focus on attracting tenants who can afford market rates or those with higher income levels that align better with the overall economic status of the area.
The expected tenant profile for landlords in this ZIP code would be individuals or families with a stable financial background, capable of paying rents close to or above the median household income level. Given the high income figures and low rental percentage, these tenants are likely to be professionals or executives who can afford higher living costs and may prefer areas with less rental competition. Landlords should ensure their properties meet high standards to attract such tenants, offering amenities and maintenance that reflect the area's wealth and lifestyle.
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.