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 | $1,920 |
| 1 Bedroom | $2,080 |
| 2 Bedrooms | $2,500 |
| 3 Bedrooms | $3,110 |
| 4 Bedrooms | $3,510 |
| 5 Bedrooms | $4,072 |
| 6 Bedrooms | $4,561 |
| 7 Bedrooms | $4,926 |
| 8 Bedrooms | $5,172 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $2,080 | $271,970 | 0.76% | D |
| 2BR | $2,500 | $408,134 | 0.61% | D |
| 3BR | $3,110 | $530,127 | 0.59% | F |
| 4BR | $3,510 | $657,065 | 0.53% | F |
| 5BR | $4,072 | $833,610 | 0.49% | F |
U.S. Census Bureau data (2024)
The ZIP code 06460, located in Milford, CT, falls within the New Haven, CT MSA metro area. To understand its position within this larger market, we can examine several key metrics including Fair Market Rent (FMR), market rent, home values, and the percentage of renters. In ZIP 06460, the FMR for FY 2024 is set at $2170, while the market rent stands at $2,360. The median home value in this ZIP code is $494,384, and it has a renter share of 28.8%.
Comparing these figures to typical ZIP codes within the New Haven, CT MSA, we can infer that ZIP 06460 is positioned as a mid-tier neighborhood. This classification is based on the fact that both the FMR and market rent are slightly below average for the metro area, indicating a more affordable rental market compared to some parts of the MSA. However, the home values in 06460 are above the median for the broader New Haven MSA, suggesting that it is not a value pocket but rather a middle-ground where housing costs are higher than rents might indicate.
The renter share of 28.8% in ZIP 06460 also supports its mid-tier status. A higher renter share could signal a greater demand for rental properties, which is beneficial for landlords and small-portfolio investors. However, the relatively low renter share compared to other potentially more densely populated areas within the MSA suggests that there is a balance between homeownership and renting, rather than a dominance of either.
A notable divergence in the data is the combination of a below-metro home value with a higher-than-average renter share. While this does not necessarily indicate a Section 8 sweet spot without additional context on the number of Section 8 households or the availability of subsidized housing, it does suggest that there could be opportunities for landlords who cater to lower-income tenants. For instance, the FMR being set at $2170 implies that there is a segment of the population that relies on this benchmark for affordability, making it a consideration for those interested in Section 8 tenancy.
In summary, ZIP 06460 presents itself as a mid-tier neighborhood within the New Haven, CT MSA, offering a mix of rental opportunities and home values that are competitive yet not exorbitant. Landlords and small-portfolio investors should consider the potential for attracting tenants who benefit from the FMR benchmark, given the ZIP's below-average home values and above-average renter share.
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.