Location: Hartford-West Hartford-East Hartford, CT | Metro: Hartford-West Hartford-East Hartford, 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 | $1,320 |
| 1 Bedroom | $1,520 |
| 2 Bedrooms | $1,900 |
| 3 Bedrooms | $2,260 |
| 4 Bedrooms | $2,500 |
| 5 Bedrooms | $2,900 |
| 6 Bedrooms | $3,248 |
| 7 Bedrooms | $3,508 |
| 8 Bedrooms | $3,683 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,900 | $435,939 | 0.44% | F |
| 3BR | $2,260 | $543,091 | 0.42% | F |
| 4BR | $2,500 | $679,878 | 0.37% | F |
U.S. Census Bureau data (2024)
To determine if you should buy in ZIP code 06412 (Chester, CT) for Section 8 purposes, follow this decision tree:
1) Does the Fair Market Rent (FMR) of $1730 cover the debt service on a property valued at $520,463?
No. The FMR of $1730 does not sufficiently cover the debt service for a property priced at $520,463. Debt service typically includes mortgage payments, insurance, taxes, and maintenance costs. At this price point, the monthly debt service would likely exceed the FMR, making it financially unfeasible to rely solely on Section 8 income.
It depends. If your acquisition cost is significantly lower or if you can secure a low-interest loan, then the FMR might be adequate. However, based on the given property value, the answer leans towards no.
2) How does the market rent of $1,549 compare to the FMR?
Below FMR. The market rent of $1,549 is below the FMR of $1730. This indicates that the local rental market is less expensive than what the government considers fair, which could mean that properties in Chester, CT, are undervalued compared to the subsidy rates. This could present an opportunity for landlords who want to participate in the Section 8 program but also benefit from higher rents.
3) Is there sufficient demand with 26.8% of residents being renters and the days on market (DOM) status being N/A?
It depends. With 26.8% of residents being renters, there is a moderate level of demand. However, the absence of DOM data means we cannot assess how quickly rental units are being filled. To make a decision, consider the following:
In summary, while the FMR exceeds the market rent, indicating potential profitability, the high acquisition cost of $520,463 makes it challenging to cover debt service with only Section 8 subsidies. The moderate renter population suggests some demand, but the lack of DOM data leaves uncertainty about the speed of unit occupancy. Carefully weigh these factors before deciding to invest in Chester, CT.
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.