Location: Waterbury-Shelton, 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 | $1,840 |
| 1 Bedroom | $2,110 |
| 2 Bedrooms | $2,640 |
| 3 Bedrooms | $3,150 |
| 4 Bedrooms | $3,470 |
| 5 Bedrooms | $4,025 |
| 6 Bedrooms | $4,508 |
| 7 Bedrooms | $4,869 |
| 8 Bedrooms | $5,112 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $2,640 | $309,831 | 0.85% | C |
| 3BR | $3,150 | $432,456 | 0.73% | D |
| 4BR | $3,470 | $557,332 | 0.62% | D |
| 5BR | $4,025 | $581,691 | 0.69% | D |
U.S. Census Bureau data (2024)
The median income in Southington, Connecticut (ZIP 06479) stands at $114,346, which places it well above the national average. However, when considering the market rate for rent, which is $1,450 according to the Census ACS, the situation becomes more nuanced. A household earning the median income would allocate approximately 16.8% of their gross annual income toward rent at the market rate. This is calculated by taking the monthly rent ($1,450) multiplied by 12 months, then dividing by the median annual income ($114,346).
Comparatively, the Fair Market Rent (FMR) set by HUD for zip code 06479 in fiscal year 2024 is $1,640. This amount represents the maximum payment standard for housing vouchers, meaning that landlords who accept vouchers can expect to receive up to $1,640 per month for eligible units. The difference between the market rate and the FMR suggests that voucher recipients might struggle to find suitable housing without assistance, as the market rate is lower but still a significant portion of the median income.
Southington has a rental market where 18.7% of the 10,286 residents are renters. This relatively low percentage indicates that the majority of the population owns their homes, which could imply a smaller pool of potential tenants. In such an environment, landlords face a competitive landscape where the affordability gap plays a crucial role in attracting and retaining tenants.
The takeaway for landlords is clear: accepting Section 8 vouchers can be a strategic advantage in a market where many households may find it challenging to cover the cost of rent from their income alone. While the FMR is slightly higher than the market rate, it ensures a steady and reliable source of income. Landlords should consider the benefits of a guaranteed tenant through voucher programs, especially if they aim to fill vacancies quickly and maintain consistent cash flow.
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.