Section 8 Fair Market Rent (FMR) for ZIP 06461 - 2027

Location: New Haven, CT | Metro: New Haven, CT MSA

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$2,180
1 Bedroom	$2,360
2 Bedrooms	$2,830
3 Bedrooms	$3,520
4 Bedrooms	$3,970
5 Bedrooms	$4,605
6 Bedrooms	$5,158
7 Bedrooms	$5,571
8 Bedrooms	$5,850

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

15,035

Median Household Income

$133,221

Housing Units

6,051

Renter Percentage

11.0%

Occupancy Rate

96.2%

Renter Occupied

641

To determine if you should buy in ZIP 06461 (Milford, CT) for Section 8 investments, follow these steps:

1) Does FMR $2300 (zip FY 2024) clear debt service on a $489,845 property?

No: The Fair Market Rent (FMR) of $2300 is insufficient to cover the average debt service costs for a property priced at $489,845. Debt service typically includes mortgage payments, property taxes, insurance, and maintenance costs. Given the high property value, the FMR would likely not be enough to ensure profitability.

2) Is market rent $2,850 (ZORI) above, at, or below FMR?

Above: The Zillow Observed Rental Index (ZORI) of $2,850 is higher than the FMR of $2300. This indicates that landlords can potentially charge more than the Section 8 rate, which could make the area attractive for conventional rentals.

3) Are 11.0% renters + N/A-day DOM enough demand?

It Depends: With 11.0% of residents being renters, there is some demand for rental properties. However, the Days on Market (DOM) being listed as N/A means we don't have precise data on how quickly properties are rented out. This lack of information makes it difficult to assess the speed and reliability of finding tenants.

If the FMR does not cover your debt service, purchasing a property for Section 8 in Milford, CT, is not advisable. If the market rent is above the FMR, consider the possibility of renting to non-Section 8 tenants to maximize income. The rental demand, while present, requires further investigation due to the incomplete DOM data to ensure sufficient tenant turnover and occupancy rates.

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.