Location: Bridgeport-Stamford-Danbury, CT | Metro: Bridgeport-Stamford-Danbury, CT MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,720 |
| 1 Bedroom | $2,130 |
| 2 Bedrooms | $2,470 |
| 3 Bedrooms | $2,960 |
| 4 Bedrooms | $3,680 |
| 5 Bedrooms | $4,269 |
| 6 Bedrooms | $4,781 |
| 7 Bedrooms | $5,163 |
| 8 Bedrooms | $5,421 |
U.S. Census Bureau data (2024)
Norwalk, CT, located within the Bridgeport-Stamford-Danbury, CT MSA, stands out with its Fair Market Rent (FMR) set at $2400 for the fiscal year 2024. This figure represents the maximum amount that a household receiving federal rental assistance can pay for housing. In comparison, the average market rent for the same area is listed at $2,855. This suggests that Norwalk offers a slightly lower cost option for renters compared to the broader market, making it potentially attractive for tenants seeking affordable housing.
The median home value in Norwalk is $739,902, which is notably higher than the average home value across the Bridgeport-Stamford-Danbury MSA. This indicates that Norwalk is a premium sub-market within the larger metro area, offering more expensive housing options. However, the significant renter share of 42.9% is higher than the typical share seen in many other ZIP codes within the MSA, suggesting a strong demand for rental properties.
The combination of a high renter share with above-average home values in Norwalk points towards a diverse housing market where rental properties can thrive. Landlords and small-portfolio investors might find opportunities here, particularly if they focus on properties that align closely with the FMR guidelines. While the ZIP code is not necessarily a value pocket due to its premium home values, the presence of a substantial number of renters could indicate a sweet spot for Section 8 investments, assuming the market supports such tenancy.
To further contextualize these figures, consider the following:
Given these factors, Norwalk appears to be a viable location for those interested in the Section 8 program, especially for those looking to invest in a premium sub-market with robust rental demand.
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.