Section 8 Fair Market Rent (FMR) for ZIP 36016 - 2027

FY 2027 Fair Market Rent Rates

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

The town of East Haven, Connecticut, encapsulated within ZIP code 36016, offers a blend of suburban charm and urban accessibility, making it an attractive location for both residents and investors. The area is characterized by its modest housing values, a significant portion of renters, and relatively stable rental rates.

• The Fair Market Rent (FMR) for a two-bedroom apartment in ZIP 36016 for fiscal year 2024 is set at $860. This figure represents the government's benchmark for affordable housing and is crucial for landlords participating in Section 8 programs.
• The average market rent for properties in the area, according to the latest Census American Community Survey (ACS), stands at $753. This indicates that the market rate is slightly below the FMR, suggesting potential opportunities for landlords to adjust their pricing closer to the FMR without losing tenants.
• The median home value in ZIP 36016 is $111,950, which is notably lower than the national average, making property acquisition potentially more affordable for investors looking to enter the market.
• Renters constitute 27.3% of the housing market in this ZIP code, indicating a substantial demand for rental properties. This percentage reflects a sizeable segment of the population that relies on rental housing, which can be advantageous for landlords seeking steady tenancy.
• The median household income in the area is $41,131. This income level suggests that many residents are likely to be eligible for Section 8 assistance, thereby increasing the pool of potential tenants who can afford to live in properties priced at or near the FMR.
• While the days on market (DOM) for rentals is not available, the combination of a strong rental demand and stable rental rates implies that properties listed at competitive prices will attract tenants quickly.

In summary, ZIP 36016 presents a balanced market for real estate investment, particularly for those interested in Section 8 properties. With the FMR slightly above the market rent and a significant portion of the population being renters, there is a clear opportunity for landlords to position themselves effectively. The relatively low median home value and median income levels suggest a robust demand for affordable housing, making it a viable option for small-portfolio investors looking to capitalize on stable rental yields and a supportive tenant base.

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.