Location: Norwich-New London-Willimantic, CT | Metro: Norwich-New London-Willimantic, CT MSA
| 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 |
U.S. Census Bureau data (2024)
The analysis of ZIP code 06353 within the Norwich-New London-Willimantic, CT MSA metro area reveals several key points regarding its viability for Section 8 real-estate investments.
The first question addresses whether the rent math works. The Fair Market Rent (FMR) for ZIP 06353 in fiscal year 2024 is set at $1460. However, the lack of available market rent data makes it challenging to compare the FMR against actual market conditions. This absence of market rent data is a significant gap that could affect the decision-making process.
Regarding the affordability of acquisitions, the data is incomplete. The median home value, days on market (DOM), and the percentage of homes that require price cuts are all listed as N/A. Without these crucial metrics, it's impossible to gauge the ease or difficulty of acquiring properties in this area for rental purposes.
The third point concerns tenant demand. ZIP 06353 has a population of 439 individuals, with a robust 100.0% of the residents being renters. This indicates a strong demand for rental housing, which could be beneficial for landlords and small-portfolio investors looking to fill their properties.
Verdict: Despite the strong tenant demand, the viability of Section 8 investments in ZIP 06353 is hampered by the lack of critical data such as market rent, median home values, and other acquisition-related metrics. The FMR of $1460 stands as the primary reference point, but without a comparison to actual market rents, the profitability cannot be fully assessed. Landlords and investors should seek additional local data to make informed decisions about property acquisitions in this area.
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.