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CT/New London County/06351

06351

ZIPSAFMR
New London County, CT
Zillow

ZIP Investment Score

87Below average

095130300
BRFMR
Eff. Rent
0 BR$1,160$1,160
1 BR$1,350$1,350
2 BR$1,680$1,680
3 BR$2,170$2,170
4 BR$2,690$2,690
5 BR$3,093Not available
6 BR$3,558Not available
7 BR$4,091Not available
8 BR$4,705Not available

Purchase Price Calculator

Maximum purchase price
$187,731

Cost breakdown

+Likely effective rent$1,680
HUD FMRUsed$1,680
Market rentN/A
Est. payment standardN/A
-Principal and interest-$949
Loan amount$150,185
Down payment$37,546
Rate6.50%
Term30 years
-Operating costs-$531
Property taxes-$188
Insurance-$175
Utilities$0
HOA$0
Management-$168
=Target cash flow+$200
Calculation mode

Hold period projections

Annual appreciation rate
3-year hold
+$27,015(72.0% ROI)
Projected value
$202,166
Return breakdown
Property appreciation+$14,435
Loan principal paid down+$5,381
Rental cash flow+$7,200
5-year hold
+$46,265(123.2% ROI)
Projected value
$212,400
Return breakdown
Property appreciation+$24,669
Loan principal paid down+$9,595
Rental cash flow+$12,000
10-year hold
+$99,444(264.9% ROI)
Projected value
$240,311
Return breakdown
Property appreciation+$52,581
Loan principal paid down+$22,864
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 06351 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 06351 (New London County, CT) is $1,680 a month. That is up 4.3% from $1,610 in FY 2026. Among 26 ZIP codes in New London County, 06351 is tied for the 21st-highest two-bedroom rent (county range $1,680–$2,730). The median county two-bedroom FMR in Connecticut is $1,933, so ZIP 06351 is 13% below it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 06351
BedroomsFY 2027Change90–110% range
Studio$1,160+4.5%$1,044–$1,276
1BR$1,350+4.7%$1,215–$1,485
2BR$1,680+4.3%$1,512–$1,848
3BR$2,170+4.3%$1,953–$2,387
4BR$2,690+4.3%$2,421–$2,959

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 06351
Fiscal yearStudio1BR2BR3BR4BR
FY 2027$1,160$1,350$1,680$2,170$2,690
FY 2026$1,110$1,290$1,610$2,080$2,580
FY 2025$990$1,180$1,440$1,870$2,410
FY 2024$950$1,140$1,400$1,830$2,360
FY 2023$900$1,100$1,350$1,750$2,300

Two-bedroom rent in nearby New London County ZIP codes

FY 2027 two-bedroom Small Area FMR by ZIP code
ZIP code2 bedroomvs. 06351
06333$2,280+35.7%
06334$1,850+10.1%
06335$2,470+47.0%
06339$1,860+10.7%
06340$2,090+24.4%
06351Current$1,680—
06355$2,350+39.9%
06357$2,070+23.2%
06359$1,900+13.1%
06360$1,780+6.0%
06365$2,100+25.0%
06370$1,6800.0%

Questions about ZIP 06351 rents

How much will Section 8 pay for a two-bedroom in ZIP 06351?

Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With a two-bedroom FMR of $1,680, that basic range is $1,512 to $1,848 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 06351 for FY 2027?

The two-bedroom FMR rose 4.3%, from $1,610 in FY 2026 to $1,680 in FY 2027. Since FY 2023 it has risen 24.4%.

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