Location: Hartford-West Hartford-East Hartford, CT | Metro: Hartford-West Hartford-East Hartford, CT MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,340 |
| 1 Bedroom | $1,540 |
| 2 Bedrooms | $1,920 |
| 3 Bedrooms | $2,290 |
| 4 Bedrooms | $2,530 |
| 5 Bedrooms | $2,935 |
| 6 Bedrooms | $3,287 |
| 7 Bedrooms | $3,550 |
| 8 Bedrooms | $3,728 |
U.S. Census Bureau data (2024)
The economics of Section 8 housing in ZIP code 06456 are governed by the SAFMR (Small Area Fair Market Rent) rates established by HUD (Department of Housing and Urban Development). For fiscal year 2024, the SAFMR for a two-bedroom apartment in this specific ZIP code is set at $1800 per month. This figure represents the maximum amount that the government will reimburse landlords for rent under the Section 8 program.
To understand how these economics work, consider the following breakdown. The tenant is required to pay 30% of their adjusted income towards rent. If we assume an average adjusted income of $1500 for a tenant in ZIP 06456, the tenant would pay $450 toward rent. The remainder, which is $1350, is paid by the government as part of the voucher program. However, this does not account for utilities, which can vary significantly depending on the individual's usage.
The government also provides a utility allowance, which can cover some of the tenant's electricity, gas, water, and sewer costs. For ZIP 06456, the utility allowance for a two-bedroom unit is approximately $300 per month. Therefore, the total monthly reimbursement a landlord can expect from the government, including the utility allowance, is $1650 ($1350 for rent + $300 for utilities).
Given that the local market rent is currently unavailable, it is important to note that if the market rent exceeds the SAFMR of $1800, landlords might face a shortfall. Conversely, if the market rent is below $1800, landlords could potentially benefit from a surplus. To illustrate, if the market rent for a two-bedroom unit in ZIP 06456 is $1900, then there would be a shortfall of $50 per month for the landlord, since the government only reimburses up to $1800. On the other hand, if the market rent is $1700, the landlord would have a surplus of $100 per month.
In conclusion, landlords in ZIP 06456 should be aware of the SAFMR rate of $1800 for a two-bedroom apartment and the additional utility allowance of $300. With these figures in mind, they can calculate the potential reimbursement gap or surplus based on the actual market rent for their properties. Until the local market rent is available, it is critical to monitor trends and adjust expectations accordingly.
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.