Location: New Haven, CT | Metro: New Haven, CT MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,620 |
| 1 Bedroom | $1,750 |
| 2 Bedrooms | $2,100 |
| 3 Bedrooms | $2,610 |
| 4 Bedrooms | $2,950 |
| 5 Bedrooms | $3,422 |
| 6 Bedrooms | $3,833 |
| 7 Bedrooms | $4,140 |
| 8 Bedrooms | $4,347 |
1620 is the Fair Market Rent (FMR) for ZIP 06504, CT, as of fiscal year 2024. This figure represents the maximum amount that a landlord can charge for a rental unit under the Section 8 program.
In ZIP 06504, the lack of specific market rent data suggests variability in rental prices, but the FMR provides a reliable benchmark for assessing rental value.
The absence of median home value data indicates that ZIP 06504 might have a diverse mix of property types, affecting the calculation of a single median value.
With no specific renter share percentage available, it is challenging to estimate the proportion of renters in the area; however, the presence of Section 8 indicates a significant need for affordable housing options.
The median income data being unavailable implies that there could be a wide range of incomes within the ZIP code, making it essential for landlords to consider the broader economic context when setting rents.
The day DOM (Days On Market) data being unavailable means that we cannot precisely determine how long properties typically stay on the market before being sold, though this can vary widely based on property condition and pricing.
Absence of specific price-cut share data suggests that landlords and sellers in ZIP 06504 may be less inclined to reduce their asking prices, indicating confidence in the local real estate market.
To conclude, ZIP 06504 presents a unique investment opportunity where the Section 8 FMR stands at $1620, providing a solid foundation for rental pricing while the broader economic conditions remain variable. The lack of detailed market data points to a need for thorough due diligence and market research before making investment decisions. Given the reliance on the Section 8 FMR, landlords should expect steady but moderate returns, aligning with the needs of low-income families seeking affordable housing.
Data Sources: FMR data from HUD (2027).
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.