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CT/New London County/06420

06420

ZIPSAFMR
New London County, CT
Zillow

ZIP Investment Score

77Below average

095130300
BRFMR
Eff. Rent
0 BR$1,370$1,370
1 BR$1,570$1,570
2 BR$1,970$1,970
3 BR$2,500$2,500
4 BR$3,100$3,100
5 BR$3,565Not available
6 BR$4,100Not available
7 BR$4,715Not available
8 BR$5,422Not available

Purchase Price Calculator

Maximum purchase price
$230,825

Cost breakdown

+Likely effective rent$1,970
HUD FMRUsed$1,970
Market rentN/A
Est. payment standardN/A
-Principal and interest-$1,167
Loan amount$184,660
Down payment$46,165
Rate6.50%
Term30 years
-Operating costs-$603
Property taxes-$231
Insurance-$175
Utilities$0
HOA$0
Management-$197
=Target cash flow+$200
Calculation mode

Hold period projections

Annual appreciation rate
3-year hold
+$31,564(68.4% ROI)
Projected value
$248,573
Return breakdown
Property appreciation+$17,748
Loan principal paid down+$6,616
Rental cash flow+$7,200
5-year hold
+$54,130(117.3% ROI)
Projected value
$261,157
Return breakdown
Property appreciation+$30,332
Loan principal paid down+$11,798
Rental cash flow+$12,000
10-year hold
+$116,763(252.9% ROI)
Projected value
$295,475
Return breakdown
Property appreciation+$64,650
Loan principal paid down+$28,112
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 06420 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 06420 (New London County, CT) is $1,970 a month. That is up 1.0% from $1,950 in FY 2026. Among 26 ZIP codes in New London County, 06420 has the 11th-highest two-bedroom rent (county range $1,680–$2,730). The median county two-bedroom FMR in Connecticut is $1,933, so ZIP 06420 is 2% above it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 06420
BedroomsFY 2027Change90–110% range
Studio$1,370+2.2%$1,233–$1,507
1BR$1,570+0.6%$1,413–$1,727
2BR$1,970+1.0%$1,773–$2,167
3BR$2,500−0.4%$2,250–$2,750
4BR$3,100−0.6%$2,790–$3,410

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 06420
Fiscal yearStudio1BR2BR3BR4BR
FY 2027$1,370$1,570$1,970$2,500$3,100
FY 2026$1,340$1,560$1,950$2,510$3,120
FY 2025$1,210$1,440$1,770$2,290$2,970
FY 2024$1,230$1,470$1,810$2,360$3,050
FY 2023$1,120$1,360$1,680$2,180$2,860

Two-bedroom rent in nearby New London County ZIP codes

FY 2027 two-bedroom Small Area FMR by ZIP code
ZIP code2 bedroomvs. 06420
06365$2,100+6.6%
06370$1,680−14.7%
06371$2,730+38.6%
06375$1,680−14.7%
06378$2,250+14.2%
06379$1,780−9.6%
06380$1,680−14.7%
06382$1,720−12.7%
06384$1,680−14.7%
06385$2,250+14.2%
06415$1,930−2.0%
06420Current$1,970—

Questions about ZIP 06420 rents

How much will Section 8 pay for a two-bedroom in ZIP 06420?

Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With a two-bedroom FMR of $1,970, that basic range is $1,773 to $2,167 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 06420 for FY 2027?

The two-bedroom FMR rose 1.0%, from $1,950 in FY 2026 to $1,970 in FY 2027. Since FY 2023 it has risen 17.3%.

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