Location: Northwest Hills Planning Region, CT | Metro: Bridgeport-Stamford-Danbury, 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 | $1,630 |
| 1 Bedroom | $1,920 |
| 2 Bedrooms | $2,340 |
| 3 Bedrooms | $3,090 |
| 4 Bedrooms | $3,540 |
| 5 Bedrooms | $4,106 |
| 6 Bedrooms | $4,599 |
| 7 Bedrooms | $4,967 |
| 8 Bedrooms | $5,215 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $2,340 | $603,408 | 0.39% | F |
| 3BR | $3,090 | $740,351 | 0.42% | F |
| 4BR | $3,540 | $1,462,929 | 0.24% | F |
U.S. Census Bureau data (2024)
The ZIP code 06794, located in Washington, Connecticut, falls within the Northwest Hills Planning Region of the larger CT metro area. To understand its position relative to other ZIP codes in the region, let's examine its key metrics: Fair Market Rent (FMR) of $2,300 for fiscal year 2026, market rent at $1,294, home value at $859,007, and a renter share of 26.1%. These figures reveal some interesting insights.
Firstly, the FMR of $2,300 for ZIP 06794 is notably higher than the market rent of $1,294. This suggests that the area is overpriced for rental units compared to what the market can bear, potentially indicating an opportunity for landlords who can offer competitive rents while still maintaining profitability.
The home value of $859,007 is significantly above the average for the Northwest Hills Planning Region, which typically has lower median home values. This places ZIP 06794 firmly in the premium sub-market segment within the CT metro area. High-end properties and amenities likely contribute to this elevated price point.
Regarding the renter share, at 26.1%, it is relatively high compared to many other ZIP codes in the Northwest Hills Planning Region, where the average might be lower. However, the high renter share does not align with below-average home values, which would typically signal a potential Section 8 sweet spot. Instead, the combination of a high renter share and above-average home values suggests that while there is a significant portion of renters, they are predominantly in higher-priced homes.
This analysis points to ZIP 06794 being a premium sub-market within the CT metro area. The high FMR and home values indicate a wealthy demographic, but the high renter share suggests a mix of owner-occupied and rental properties. For landlords and small-portfolio investors, this ZIP code represents a niche market with opportunities for those willing to cater to the higher end of the rental spectrum.
In conclusion, ZIP 06794 stands out as a premium sub-market within the CT metro area due to its high home values and FMR. While the renter share is substantial, it does not indicate a typical Section 8 sweet spot given the high property values. Investors should focus on high-quality rentals that can command the higher FMR rates.
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.