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 | $1,660 |
| 1 Bedroom | $1,800 |
| 2 Bedrooms | $2,160 |
| 3 Bedrooms | $2,690 |
| 4 Bedrooms | $3,030 |
| 5 Bedrooms | $3,515 |
| 6 Bedrooms | $3,937 |
| 7 Bedrooms | $4,252 |
| 8 Bedrooms | $4,465 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $2,160 | $273,464 | 0.79% | D |
| 3BR | $2,690 | $391,242 | 0.69% | D |
| 4BR | $3,030 | $526,622 | 0.58% | F |
| 5BR | $3,515 | $688,368 | 0.51% | F |
U.S. Census Bureau data (2024)
58.5% of residents in ZIP code 06515 (New Haven, CT) are renters, highlighting a robust demand for rental properties. The $1770 Fair Market Rent (FMR) for zip FY 2024 underscores the financial support available to tenants through government subsidies. Meanwhile, the $1,855 Zillow Observed Rental Index (ZORI) reflects the actual market rent, indicating that properties priced near the FMR can attract subsidized tenants while still being competitive in the local rental market. The median home value stands at $370,184, suggesting that property investments in this area can yield significant capital appreciation over time. With a median income of $73,709, it's clear that many residents may rely on assistance programs like Section 8 to afford housing, given the disparity between income levels and housing costs.
The absence of data regarding days on market (DOM) and the percentage of price-cut shares does not necessarily indicate poor performance but rather a lack of specific metrics to evaluate recent trends. However, the strong alignment between the FMR and ZORI points to a stable rental market where Section 8 vouchers can effectively cover the cost of living. For landlords and small-portfolio investors, this means that properties rented out through the Section 8 program can offer a reliable and consistent source of income without the risk of prolonged vacancy periods.
In conclusion, the $1770 FMR provides a solid benchmark for rental pricing, ensuring that landlords receive fair compensation while also making housing accessible to lower-income families. Given the high renter share and median home values, New Haven presents a favorable environment for real estate investment, particularly through the Section 8 program. The verdict: ZIP 06515 is a viable and profitable market for Section 8 properties.
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.