Location: Northwest Hills Planning Region, CT | Metro: Northwest Hills Planning Region, CT
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,290 |
| 1 Bedroom | $1,520 |
| 2 Bedrooms | $1,850 |
| 3 Bedrooms | $2,440 |
| 4 Bedrooms | $2,800 |
| 5 Bedrooms | $3,248 |
| 6 Bedrooms | $3,638 |
| 7 Bedrooms | $3,929 |
| 8 Bedrooms | $4,125 |
U.S. Census Bureau data (2024)
18.7% of residents in Litchfield, Connecticut, are renters, indicating a moderate demand for rental properties in the area. With a median home value of $546,957, it's clear that homeownership is a significant investment. However, for those who choose to rent, the market rent stands at $1,464 according to the Census ACS, which is notably lower than the Fair Market Rent (FMR) of $1,850 set for the metro area in fiscal year 2026. This suggests that landlords can charge closer to the FMR without significantly deterring tenants.
The median income of $105,957 provides insight into the financial health of the local population, which is important for assessing the viability of rental income streams. Given that the renter share is only 18.7%, there might be limited competition among landlords, allowing for greater flexibility in pricing strategies. The absence of data on days on market (DOM) and the percentage of price-cut shares indicates either a robust market where homes sell quickly or a lack of recent transactions that could provide such insights.
In conclusion, for landlords and small-portfolio investors, the ZIP code 06759 presents a balanced opportunity. The gap between market rent and FMR offers a potential margin for profit, while the median income supports the ability of tenants to afford higher rents. The relatively low renter share suggests a stable market, but further analysis on DOM and price-cut shares would be beneficial to fully understand the dynamics of the rental market. Verdict: Suitable for Section 8 participation, given the favorable rent-to-income ratio and manageable competition.
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.