Location: Waterbury-Shelton, CT | Metro: Waterbury-Shelton, CT MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,260 |
| 1 Bedroom | $1,380 |
| 2 Bedrooms | $1,760 |
| 3 Bedrooms | $2,200 |
| 4 Bedrooms | $2,620 |
| 5 Bedrooms | $3,039 |
| 6 Bedrooms | $3,404 |
| 7 Bedrooms | $3,676 |
| 8 Bedrooms | $3,860 |
The ZIP code 06723, located within the Waterbury-Shelton, CT MSA, has a Fair Market Rent (FMR) of $1600 for fiscal year 2024. This figure can be used to position 06723 relative to other ZIP codes within the same metro area. However, without specific market rent and home value data for comparison, we must rely on the FMR to make an informed inference.
In the context of the Waterbury-Shelton, CT MSA, where average home values and market rents are typically lower compared to larger metropolitan areas in Connecticut, the FMR of $1600 suggests that 06723 could be considered a mid-tier neighborhood. The FMR is set by the U.S. Department of Housing and Urban Development (HUD) and reflects what is considered a reasonable rent level for low- and moderate-income families to afford housing without paying more than 30 percent of their income towards rent.
The lack of available data for market rent and home values for ZIP 06723 makes it difficult to draw definitive conclusions about its status as a value pocket or a premium sub-market. However, the FMR alone indicates that while it is not the most expensive area within the MSA, it is also not at the bottom tier, suggesting a middle-ground in terms of rental affordability.
A notable absence in the data provided is the percentage of renter share. Typically, a high renter share combined with below-average home values can indicate a prime location for Section 8 properties, as it signifies a concentration of renters who may qualify for federal assistance. Since the renter share for 06723 is not specified, we cannot definitively state if this ZIP code represents such a sweet spot. Nonetheless, the presence of a defined FMR and the absence of other critical metrics imply that 06723 might lean towards being a mid-tier neighborhood, offering a balance between cost and accessibility within the broader Waterbury-Shelton, CT MSA.
To provide a clearer analysis, further investigation into the market rent and home values of typical ZIP codes within the Waterbury-Shelton, CT MSA would be necessary. This would allow for a direct comparison and a more precise classification of 06723's market position.
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.