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 | $1,330 |
| 1 Bedroom | $1,520 |
| 2 Bedrooms | $1,910 |
| 3 Bedrooms | $2,280 |
| 4 Bedrooms | $2,510 |
| 5 Bedrooms | $2,912 |
| 6 Bedrooms | $3,261 |
| 7 Bedrooms | $3,522 |
| 8 Bedrooms | $3,698 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,910 | $333,515 | 0.57% | F |
| 3BR | $2,280 | $460,487 | 0.5% | F |
| 4BR | $2,510 | $601,109 | 0.42% | F |
U.S. Census Bureau data (2024)
The market in Deep River, Connecticut (ZIP 06417) presents a dynamic environment where the Federal Market Rent (FMR) at $1710 for fiscal year 2024 stands notably above the reported market rent of $1,221 based on the Census ACS data. This suggests that there is a discrepancy between what the government deems as fair market rent and what the local rental market is currently offering, potentially indicating a scenario where demand might be slightly lagging behind supply.
The median home value in Deep River is $421,102, which places it within a moderate range for the area. However, without specific historical data, we can only infer that if the FMR is higher than the actual market rent, it could imply a situation where landlords have some flexibility in pricing, possibly due to a balanced or slightly oversupplied rental market.
A significant point of interest is the 30.8% renter share in the area. This figure tells us that a considerable portion of the population relies on renting rather than owning their homes. High renter shares often indicate ongoing long-term housing pressures, where a large number of residents cannot afford to purchase homes, leading to sustained demand for rental properties. This dynamic ensures that rental properties remain in high demand, providing a stable income source for landlords and small-portfolio investors.
In conclusion, while the snapshot provided does not allow for explicit time-series analysis, the combination of a higher FMR compared to the actual market rent and a substantial renter share suggests a market where rental properties are in steady demand, but landlords may have some leeway in setting competitive rents. The median home value also points to an affordable market for homeownership, yet the majority of residents still opt for renting, reinforcing the importance of rental properties in this community.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-07-31). 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.