Location: Hartford-West Hartford-East Hartford, 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 | $1,110 |
| 1 Bedroom | $1,270 |
| 2 Bedrooms | $1,590 |
| 3 Bedrooms | $1,890 |
| 4 Bedrooms | $2,090 |
| 5 Bedrooms | $2,424 |
| 6 Bedrooms | $2,715 |
| 7 Bedrooms | $2,932 |
| 8 Bedrooms | $3,079 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $1,270 | $253,231 | 0.5% | F |
| 2BR | $1,590 | $344,546 | 0.46% | F |
| 3BR | $1,890 | $410,705 | 0.46% | F |
| 4BR | $2,090 | $532,669 | 0.39% | F |
| 5BR | $2,424 | $566,879 | 0.43% | F |
U.S. Census Bureau data (2024)
The market in ZIP 06480, encompassing Portland, CT, is characterized by a clear distinction between the Fair Market Rent (FMR) and the actual market rent, indicating a dynamic environment where housing pressures are evident. The FMR set at $1,600 for the fiscal year 2024 contrasts with the reported market rent of $1,129, as per the Census ACS data. This suggests that there might be a segment of the rental market experiencing higher rents due to factors such as location, amenities, or property quality, while another segment remains competitive and below the FMR.
A median home value of $402,409 places Portland within a moderate range for Connecticut real estate, balancing affordability with desirability. The fact that the data on price-cut share and days on market (DOM) are not available makes it challenging to assess the exact balance between supply and demand, but the disparity between FMR and market rent points towards a scenario where demand is somewhat constrained, possibly due to the relatively high cost of living and limited affordability for some renters.
The 16.1% renter share in Portland reveals an interesting aspect of the local housing market. A lower renter share typically indicates a preference for homeownership, which can lead to less rental turnover and potentially lower vacancy rates. However, it also means that the rental market could face long-term pressure if economic conditions change, making homeownership less attainable for some residents. This could shift the balance towards a higher demand for rentals, increasing competition among landlords and potentially driving up rents.
In summary, ZIP 06480 presents a market where rental dynamics are influenced by both the cost of living and the local preference for homeownership. Landlords and small-portfolio investors should monitor these trends closely, as they indicate a potential for future changes in the rental landscape. The current gap between FMR and market rent provides insight into the immediate challenges of pricing and competition, while the renter share offers a glimpse into the underlying housing pressures that could affect the market's trajectory over time.
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.