Section 8 Fair Market Rent (FMR) for ZIP 06351 - 2027

Location: Northeastern Connecticut Planning Region, CT | Metro: Norwich-New London-Willimantic, CT MSA

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$1,160
1 Bedroom	$1,350
2 Bedrooms	$1,680
3 Bedrooms	$2,170
4 Bedrooms	$2,690
5 Bedrooms	$3,120
6 Bedrooms	$3,494
7 Bedrooms	$3,774
8 Bedrooms	$3,963

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

15,760

Median Household Income

$82,976

Housing Units

6,865

Renter Percentage

20.5%

Occupancy Rate

95.5%

Renter Occupied

1,343

The analysis of ZIP code 06351, located in Griswold, Connecticut, reveals several key insights for landlords and small-portfolio investors.

Rent Math: The rent math does work in favor of landlords. The Fair Market Rent (FMR) set at $1400 for fiscal year 2024 is significantly higher than the reported market rent of $1,185 based on Census ACS data. This indicates that landlords can potentially charge above the market rate, benefiting from the higher subsidy levels available through the Section 8 program.
Acquisition Affordability: Acquiring properties in ZIP 06351 is moderately affordable. With a median home value of $356,085, the cost of entry into the market is within reach for many investors. However, the lack of data on days on market (DOM) and the low price-cut share of 0.1% suggest that homes are selling quickly and without significant discounts, indicating a competitive market.
Tenant Demand: There is a reasonable tenant demand in the area. The total population of 15,760 supports a 20.5% renter share, which translates to approximately 3,233 renters. This number provides a stable pool of potential tenants, especially for those seeking Section 8 housing.

In conclusion, ZIP 06351 presents a viable investment opportunity for landlords and small-portfolio investors. The favorable rent math, with an FMR of $1400 exceeding the market rent of $1,185, allows for higher rental income when participating in the Section 8 program. Property acquisition, while moderately priced at a median home value of $356,085, comes with competition due to quick sales and minimal price reductions. The presence of 3,233 renters within the population ensures a steady demand for housing, particularly for subsidized units. These factors collectively make Griswold, CT, a promising location for real estate investments focused on Section 8 tenants.

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.