Location: New Haven, CT | Metro: New Haven, CT MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,490 |
| 1 Bedroom | $1,620 |
| 2 Bedrooms | $1,940 |
| 3 Bedrooms | $2,410 |
| 4 Bedrooms | $2,720 |
| 5 Bedrooms | $3,155 |
| 6 Bedrooms | $3,534 |
| 7 Bedrooms | $3,817 |
| 8 Bedrooms | $4,008 |
U.S. Census Bureau data (2024)
New Haven's ZIP code 06519 is predominantly a renter-heavy area, with 73.7% of its 15,605 residents being tenants. This high percentage indicates a robust demand for rental properties, particularly those that can accommodate Section 8 tenants. The median household income in this ZIP code is $49,619, which is notably lower than the average market rent of $2,401 per month. To put this into perspective, the average market rent consumes approximately 48.4% of the median monthly income ($49,619 annual income divided by 12 months equals $4,134.92 monthly income).
The Federal Market Rent (FMR) for ZIP 06519 in fiscal year 2024 is set at $1,640, significantly below the market rent. This discrepancy highlights the financial strain many renters face in affording housing without assistance. Landlords in this area should expect a tenant pool that heavily relies on Section 8 vouchers to manage their rental expenses. Given the income levels, typical tenants will likely spend around 33.4% of their monthly income on the FMR, leaving them with less disposable income compared to those paying market rates.
In summary, ZIP 06519 presents a market characterized by a high concentration of renters who are deeply dependent on housing vouchers. With an average market rent that consumes nearly half of the median monthly income, the availability of vouchers plays a critical role in enabling affordability. Landlords should prepare for a tenant base that is financially constrained and seeks the stability and cost-effectiveness of subsidized housing. The expected tenant would be someone who needs the support of a voucher to live comfortably within their budget, making the demand for affordable rentals very strong.
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.