Location: Norwich-New London-Willimantic, CT | Metro: Norwich-New London-Willimantic, CT MSA
Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,240 |
| 1 Bedroom | $1,420 |
| 2 Bedrooms | $1,780 |
| 3 Bedrooms | $2,260 |
| 4 Bedrooms | $2,800 |
| 5 Bedrooms | $3,248 |
| 6 Bedrooms | $3,638 |
| 7 Bedrooms | $3,929 |
| 8 Bedrooms | $4,125 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,780 | $395,754 | 0.45% | F |
| 3BR | $2,260 | $486,902 | 0.46% | F |
| 4BR | $2,800 | $661,406 | 0.42% | F |
| 5BR | $3,248 | $758,462 | 0.43% | F |
U.S. Census Bureau data (2024)
ZIP code 06379, located in Stonington, CT, falls within the Norwich-New London-Willimantic, CT MSA metro area. The Fair Market Rent (FMR) for ZIP 06379 in fiscal year 2024 is set at $1,420, which is notably higher than the market rent of $1,205. This indicates that government-subsidized rental units in this ZIP code might be slightly overpriced compared to what the market offers, but still remain competitive.
The median home value in ZIP 06379 is $466,602, suggesting that it is a middle-range neighborhood when considering housing costs within the metro. Typically, the median home values across the Norwich-New London-Willimantic MSA range from around $200,000 to over $600,000, depending on the specific ZIP code and its proximity to urban centers. ZIP 06379's home value aligns well with this broader trend, positioning it as neither a value pocket nor a premium sub-market, but rather a stable, mid-tier neighborhood.
The renter share in ZIP 06379 is 30.4%, which is above the average for many ZIP codes in the Norwich-New London-Willimantic MSA. Generally, the renter share across the metro ranges between 20% to 40%, with some urban areas having higher percentages. A higher renter share combined with below-metro average home values can signal an attractive location for Section 8 participants and landlords. However, since ZIP 06379 has a median home value that is not significantly below the metro average, it does not necessarily qualify as a 'sweet spot' for Section 8 properties. Instead, it suggests a balanced mix of homeowners and renters, providing both investment opportunities and affordable living options.
In summary, ZIP 06379 is best characterized as a mid-tier neighborhood within the Norwich-New London-Willimantic MSA. Its FMR is slightly higher than market rents, indicating a potential for slightly inflated subsidized rents. The home value is average for the metro, and the renter share is above average, which together suggest a modestly favorable environment for landlords and small-portfolio investors looking to serve a diverse tenant base without venturing into either the most expensive or the most affordable ends of the market spectrum.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-08-31). 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.