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CT/New London County/06371

06371

ZIPSAFMR
New London County, CT
Zillow

ZIP Investment Score

75Below average

095130300
BRFMR
Eff. Rent
0 BR$1,900$1,900
1 BR$2,180$2,180
2 BR$2,730$2,730
3 BR$3,250$3,250
4 BR$3,590$3,590
5 BR$4,129Not available
6 BR$4,748Not available
7 BR$5,460Not available
8 BR$6,279Not available

Purchase Price Calculator

Maximum purchase price
$343,760

Cost breakdown

+Likely effective rent$2,730
HUD FMRUsed$2,730
Market rentN/A
Est. payment standardN/A
-Principal and interest-$1,738
Loan amount$275,008
Down payment$68,752
Rate6.50%
Term30 years
-Operating costs-$792
Property taxes-$344
Insurance-$175
Utilities$0
HOA$0
Management-$273
=Target cash flow+$200
Calculation mode

Hold period projections

Annual appreciation rate
3-year hold
+$43,485(63.2% ROI)
Projected value
$370,192
Return breakdown
Property appreciation+$26,432
Loan principal paid down+$9,853
Rental cash flow+$7,200
5-year hold
+$74,743(108.7% ROI)
Projected value
$388,933
Return breakdown
Property appreciation+$45,173
Loan principal paid down+$17,570
Rental cash flow+$12,000
10-year hold
+$162,149(235.8% ROI)
Projected value
$440,042
Return breakdown
Property appreciation+$96,282
Loan principal paid down+$41,867
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 06371 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 06371 (New London County, CT) is $2,730 a month. That is up 12.3% from $2,430 in FY 2026. Among 26 ZIP codes in New London County, 06371 has the highest two-bedroom rent (county range $1,680–$2,730). The median county two-bedroom FMR in Connecticut is $1,933, so ZIP 06371 is 41% above it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 06371
BedroomsFY 2027Change90–110% range
Studio$1,900+13.1%$1,710–$2,090
1BR$2,180+13.5%$1,962–$2,398
2BR$2,730+12.3%$2,457–$3,003
3BR$3,250+11.7%$2,925–$3,575
4BR$3,590+8.5%$3,231–$3,949

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 06371
Fiscal yearStudio1BR2BR3BR4BR
FY 2027$1,900$2,180$2,730$3,250$3,590
FY 2026$1,680$1,920$2,430$2,910$3,310
FY 2025$1,400$1,670$2,040$2,640$3,420
FY 2024$1,280$1,530$1,890$2,470$3,190
FY 2023$1,180$1,430$1,760$2,280$3,000

Two-bedroom rent in nearby New London County ZIP codes

FY 2027 two-bedroom Small Area FMR by ZIP code
ZIP code2 bedroomvs. 06371
06357$2,070−24.2%
06359$1,900−30.4%
06360$1,780−34.8%
06365$2,100−23.1%
06370$1,680−38.5%
06371Current$2,730—
06375$1,680−38.5%
06378$2,250−17.6%
06379$1,780−34.8%
06380$1,680−38.5%
06382$1,720−37.0%
06384$1,680−38.5%

Questions about ZIP 06371 rents

How much will Section 8 pay for a two-bedroom in ZIP 06371?

Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With a two-bedroom FMR of $2,730, that basic range is $2,457 to $3,003 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 06371 for FY 2027?

The two-bedroom FMR rose 12.3%, from $2,430 in FY 2026 to $2,730 in FY 2027. Since FY 2023 it has risen 55.1%.

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