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 code 06537 for fiscal year 2024, indicating the maximum amount a Section 8 voucher holder can pay toward their monthly housing costs. While specific market rent, median home value, and other metrics are not available, the FMR provides a solid benchmark for rental pricing.
The lack of precise data on median home values, median incomes, and days on market (DOM) suggests a limited sample size or variability in the real estate market of ZIP 06537. However, this does not diminish the importance of the FMR figure in guiding rental investments.
$1620 FMR is particularly useful for landlords and small-portfolio investors looking to maximize returns while remaining competitive in the rental market. Properties priced at or slightly below this figure can attract tenants with vouchers without sacrificing profitability.
The absence of specific price-cut share percentages means that there's no clear indication of how frequently sellers adjust their asking prices. Nonetheless, the variety of properties listed on Zillow, ranging from $299,000 to $725,000, reflects the diversity of the market in ZIP 06537.
$1620 FMR, when compared against the range of property prices, suggests that rental properties are likely to be more profitable than flipping homes in this area. The high-end listings, such as the $725,000 house, indicate a presence of higher-priced residential options, but the majority of listings fall within a more modest range.
Based on the available data, the verdict for Section 8 in ZIP 06537 is positive. The $1620 FMR aligns well with the average rental prices, making it a viable option for landlords seeking stable, long-term tenants.
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.