Section 8 Fair Market Rent (FMR) for ZIP 06350 - 2027

Location: Norwich-New London-Willimantic, CT | Metro: Norwich-New London-Willimantic, CT MSA

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$1,210
1 Bedroom	$1,390
2 Bedrooms	$1,740
3 Bedrooms	$2,210
4 Bedrooms	$2,710
5 Bedrooms	$3,144
6 Bedrooms	$3,521
7 Bedrooms	$3,803
8 Bedrooms	$3,993

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

121

Median Household Income

$40,950

Housing Units

Renter Percentage

52.4%

Occupancy Rate

100.0%

Renter Occupied

The town of Madison, Connecticut, represented by ZIP code 06350, is a desirable suburban location known for its quiet streets, excellent schools, and proximity to New Haven and Yale University. This area offers a mix of residential neighborhoods and historic charm, making it attractive to both families and young professionals.

Fair Market Rent (FMR) for ZIP 06350 in fiscal year 2024 is set at $1560. This figure represents the maximum amount that a low-income family can be expected to pay for housing.
Renter share stands at 52.4%, indicating a significant portion of the population prefers renting over owning, which could suggest strong demand for rental properties.
Median household income in the area is $40,950. This level of income suggests that a substantial number of residents will rely on government assistance such as Section 8 vouchers to cover their rent.
Market rent data is currently unavailable for ZIP 06350. However, given the high FMR and the large percentage of renters, it's likely that market rents are competitive and close to the FMR threshold.
The median home value data is also not available for ZIP 06350. Without this information, it's difficult to assess the comparative value of rental versus ownership properties in the area.
Days on Market (DOM) data is not available for ZIP 06350. This metric would typically help gauge how quickly rental units are occupied, but its absence means we cannot provide insights on vacancy rates or speed of occupancy.

Investors looking to enter the rental market in Madison should focus on properties that can be rented out for around $1560, aligning with the Fair Market Rent guidelines. The high renter share points to a robust demand for rental units, particularly those that qualify for Section 8 assistance due to the median income levels. Despite the lack of specific market rent and median home value data, the reliance on Section 8 vouchers indicates a segment of the market that is supported by federal subsidies, offering stability and predictability to landlords. The inability to determine Days on Market does not significantly impact the overall positive outlook for rental properties in this ZIP code, given the other favorable indicators.

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.