Location: Bridgeport-Stamford-Danbury, 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 | $2,430 |
| 1 Bedroom | $2,790 |
| 2 Bedrooms | $3,140 |
| 3 Bedrooms | $3,860 |
| 4 Bedrooms | $4,540 |
| 5 Bedrooms | $5,266 |
| 6 Bedrooms | $5,898 |
| 7 Bedrooms | $6,370 |
| 8 Bedrooms | $6,689 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $2,790 | $588,062 | 0.47% | F |
| 2BR | $3,140 | $1,047,375 | 0.3% | F |
| 3BR | $3,860 | $1,387,323 | 0.28% | F |
| 4BR | $4,540 | $2,167,544 | 0.21% | F |
| 5BR | $5,266 | $5,272,704 | 0.1% | F |
U.S. Census Bureau data (2024)
The ZIP code 06831, located in Greenwich, Connecticut, presents an interesting scenario when viewed from a renter's perspective. The median income for households in this area is a substantial $227,159. However, the market rate for rent, known as the Zillow Observed Rent Index (ZORI), stands at a high $5,955. This suggests that while incomes are robust, they do not necessarily translate into an easy ability to cover the cost of renting in this exclusive market.
In contrast, the Fair Market Rent (FMR) for the zip code for fiscal year 2024 is set at a much lower $2,990. This represents a significant affordability gap for potential renters, highlighting the stark difference between market rates and government-subsidized rental payments. For those relying on housing vouchers, the FMR serves as a benchmark for what they can afford, which is less than half of the actual market rate.
Given that only 21.0% of the 15,210 residents are renters, competition for tenants willing to pay market rates is likely to be fierce among landlords. The limited number of renters means that properties must be priced attractively to draw in tenants, especially those who might prefer to use their vouchers elsewhere where rents are closer to the FMR.
The takeaway for landlords considering voucher versus cash-pay strategies in ZIP 06831 is clear. While cash-paying tenants might offer higher rental income, they come with increased competition and the risk of vacancies. Voucher tenants, on the other hand, provide a more stable and predictable income stream, albeit at a lower rate. Landlords should weigh these factors carefully, understanding that the appeal of voucher tenants lies in the guaranteed rental income and reduced vacancy risks, which can be crucial in a competitive and expensive market like Greenwich.
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.