Location: New Haven, CT | Metro: New Haven, 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 | $1,480 |
| 1 Bedroom | $1,600 |
| 2 Bedrooms | $1,920 |
| 3 Bedrooms | $2,390 |
| 4 Bedrooms | $2,690 |
| 5 Bedrooms | $3,120 |
| 6 Bedrooms | $3,494 |
| 7 Bedrooms | $3,774 |
| 8 Bedrooms | $3,963 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $1,600 | $124,169 | 1.29% | A |
| 2BR | $1,920 | $258,966 | 0.74% | D |
| 3BR | $2,390 | $357,014 | 0.67% | D |
| 4BR | $2,690 | $391,326 | 0.69% | D |
| 5BR | $3,120 | $416,429 | 0.75% | D |
U.S. Census Bureau data (2024)
The ZIP code 06450, located in Meriden, CT, presents a dynamic rental market. The Fair Market Rent (FMR) for ZIP 06450 in fiscal year 2024 is set at $1,500, which is notably lower than the market rent of $1,728, as indicated by the Zillow Observed Rental Index (ZORI). This suggests that the market is robust, with rents slightly exceeding the government's benchmark, indicative of strong demand.
The low price-cut share of 0.2% further supports the notion that demand is high relative to supply. Landlords are less inclined to reduce their asking prices, indicating confidence in the market's ability to absorb the current rental rates without significant concessions. While the days on market (DOM) data is not available, the combination of high market rent and low price-cut share implies a brisk pace of leasing activity, consistent with a tight market where properties are quickly occupied.
The median home value in Meriden stands at $310,124, which provides context for the overall housing affordability and desirability. With a substantial 37.7% of residents being renters, there is an ongoing and likely increasing pressure on the housing market. This high renter share can be attributed to various factors including affordability constraints, lifestyle choices, or a mix of both. Over the long term, this statistic points to a sustained need for rental properties, ensuring that landlords and small-portfolio investors have a reliable tenant pool.
In summary, the dynamics of ZIP 06450 suggest a market where demand is currently outpacing supply, driven by higher-than-FMR rental rates and a low rate of price cuts. The significant proportion of renters indicates a persistent need for rental units, which is likely to continue influencing the local housing market.
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.