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CT/New London County/06340

06340

ZIPSAFMR
New London County, CT
Zillow

ZIP Investment Score

104Above average

095130300
BRFMR
Eff. Rent
0 BR$1,460$1,460
1 BR$1,670$1,670
2 BR$2,090$2,090
3 BR$2,660$2,660
4 BR$3,290$3,290
5 BR$3,783Not available
6 BR$4,351Not available
7 BR$5,004Not available
8 BR$5,754Not available

Purchase Price Calculator

Maximum purchase price
$248,657

Cost breakdown

+Likely effective rent$2,090
HUD FMRUsed$2,090
Market rentN/A
Est. payment standardN/A
-Principal and interest-$1,257
Loan amount$198,925
Down payment$49,731
Rate6.50%
Term30 years
-Operating costs-$633
Property taxes-$249
Insurance-$175
Utilities$0
HOA$0
Management-$209
=Target cash flow+$200
Calculation mode

Hold period projections

Annual appreciation rate
3-year hold
+$33,446(67.3% ROI)
Projected value
$267,776
Return breakdown
Property appreciation+$19,119
Loan principal paid down+$7,127
Rental cash flow+$7,200
5-year hold
+$57,385(115.4% ROI)
Projected value
$281,332
Return breakdown
Property appreciation+$32,676
Loan principal paid down+$12,709
Rental cash flow+$12,000
10-year hold
+$123,929(249.2% ROI)
Projected value
$318,302
Return breakdown
Property appreciation+$69,645
Loan principal paid down+$30,284
Rental cash flow+$24,000

Public Housing Authority

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Rolodex

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Market Alignment

Not enough rental comps in this area to determine how FMR aligns with current market rates.

Historical
FY 2023-2027
FMR
FY2027
Property value
--
Tax rate
--
Mortgage rate
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ZIP 06340 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 06340 (New London County, CT) is $2,090 a month. That is up 5.6% from $1,980 in FY 2026. Among 26 ZIP codes in New London County, 06340 has the 8th-highest two-bedroom rent (county range $1,680–$2,730). The median county two-bedroom FMR in Connecticut is $1,933, so ZIP 06340 is 8% above it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 06340
BedroomsFY 2027Change90–110% range
Studio$1,460+6.6%$1,314–$1,606
1BR$1,670+5.0%$1,503–$1,837
2BR$2,090+5.6%$1,881–$2,299
3BR$2,660+4.3%$2,394–$2,926
4BR$3,290+3.8%$2,961–$3,619

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 06340
Fiscal yearStudio1BR2BR3BR4BR
FY 2027$1,460$1,670$2,090$2,660$3,290
FY 2026$1,370$1,590$1,980$2,550$3,170
FY 2025$1,160$1,380$1,690$2,190$2,830
FY 2024$1,100$1,320$1,630$2,130$2,750
FY 2023$1,030$1,250$1,540$1,990$2,620

Two-bedroom rent in nearby New London County ZIP codes

FY 2027 two-bedroom Small Area FMR by ZIP code
ZIP code2 bedroomvs. 06340
06320$1,910−8.6%
06330$1,740−16.7%
06333$2,280+9.1%
06334$1,850−11.5%
06335$2,470+18.2%
06339$1,860−11.0%
06340Current$2,090—
06351$1,680−19.6%
06355$2,350+12.4%
06357$2,070−1.0%
06359$1,900−9.1%
06360$1,780−14.8%

Questions about ZIP 06340 rents

How much will Section 8 pay for a two-bedroom in ZIP 06340?

Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With a two-bedroom FMR of $2,090, that basic range is $1,881 to $2,299 a month. The voucher pays the lower of the payment standard or the gross rent, minus the tenant's share, which is usually about 30% of adjusted monthly income. Confirm the local housing authority's current schedule before underwriting.

How much did fair market rent change in ZIP 06340 for FY 2027?

The two-bedroom FMR rose 5.6%, from $1,980 in FY 2026 to $2,090 in FY 2027. Since FY 2023 it has risen 35.7%.

When do FY 2027 fair market rents take effect?

HUD's FY 2027 fair market rents took effect on October 1, 2026. When FMRs change, housing authorities generally have up to three months to bring payment standards back within 90% to 110% of the new FMR.

Source: HUD FY 2027 Small Area Fair Market Rents. Payment-standard ranges are 90% to 110% of FMR, HUD's basic range, not a housing authority's published schedule. How payment standards are set

County fair market rentCT statewide rentsWhat is SAFMR?Data sources