Location: Northeastern Connecticut Planning Region, CT | Metro: Northeastern Connecticut Planning Region, CT
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,000 |
| 1 Bedroom | $1,180 |
| 2 Bedrooms | $1,450 |
| 3 Bedrooms | $1,860 |
| 4 Bedrooms | $2,100 |
| 5 Bedrooms | $2,436 |
| 6 Bedrooms | $2,728 |
| 7 Bedrooms | $2,946 |
| 8 Bedrooms | $3,093 |
U.S. Census Bureau data (2024)
78.5% of residents in ZIP 06387 are renters, indicating a strong demand for rental properties. $940 is the reported market rent based on Census ACS data, significantly lower than the $1600 Fair Market Rent (FMR) set for zip FY 2024. This gap suggests potential for higher rental income if properties meet the quality standards required by the FMR. $108,787 is the median income figure for the area, which is crucial for assessing the financial stability of potential tenants. The absence of data on median home values and days on market (DOM) indicates limited activity in the purchase market, possibly due to the high proportion of renters. Similarly, the lack of information on price-cut share implies steady pricing without significant discounts in the rental market. Given these factors, landlords and small-portfolio investors should focus on maintaining property standards to qualify for the higher FMR, thereby maximizing their rental income potential. The Section 8 program, with its $1600 FMR, represents a viable option for ensuring stable occupancy and income. In ZIP 06387, participation in the Section 8 program is recommended for those looking to secure long-term, government-backed rental payments.
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.