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Rental Insights for ZIP Code 06416 (Cromwell, CT)

Housing Rentals in ZIP Code 06416 (Cromwell, CT)

06416 ZIP Code in Connecticut

Learn About Housing Rentals in ZIP Code 06416

ZIP Code 06416 is primarily located in Cromwell, CT in Middlesex County. This region of Connecticut has a median housing rent payment of $1,200 per month. About 23.8% of housing units in the region are renter-occupied, and this Middlesex County ZIP Code has an approximate rental vacancy rate of 7.4%.

The median rent in ZIP Code 06416 of $1,200 per month is 2% higher than the aggregate Connecticut median monthly rent of $1,180, and is 13% higher than the $1,062 the median monthly rent in the U.S. overall. Approximately 32.2% of renters in ZIP Code 06416 pay between $1,000 and $1,499 per month for housing. That is 17% lower than in Connecticut overall, in which 38.6% of total state residents pay between $1,000 and $1,499 per month for housing.

ZIP Code 06416 Rental FAQs and Quick Facts

Monthly Rent in ZIP Code 06416

See the chart below for a comparison of monthly rental costs in ZIP Code 06416, Connecticut, and also in the U.S. as a whole.

This chart visualizes housing rental cost ranges in ZIP Code 06416 along with those in the state of Connecticut and the U.S. overall. For example, what percentage of renters pay between $1,000 and $1,499 monthly.

Rental Cost in ZIP Code 06416

See the table below for the regional comparison of monthly rental costs.

Cost ZIP 06416 Connecticut U.S.
Less than $500 20.8% 9.8% 9.4%
$500 to $999 14.9% 24.0% 36.2%
$1,000 to $1,499 32.2% 38.6% 30.0%
$1,500 to $1,999 19.1% 17.3% 14.0%
$2,000 to $2,499 4.3% 5.9% 5.6%
$2,500 to $2,999 0.0% 2.2% 2.4%
$3,000 or more 8.6% 2.1% 2.4%

Rent Cost vs. Income in ZIP Code 06416

Renters in ZIP Code 06416 use an estimated 29.25% of their income to cover their monthly rent payments. That is about 4% lower than in Connecticut overall. The estimate for Connecticut overall is 30.39% of income used for housing rent payments. In comparison to the U.S. as a whole, ZIP Code 06416 renters use about 2% less of their income to cover rent expense. Household income figures for ZIP Code 06416 come in higher than in Connecticut as a whole. The median annual household income in ZIP Code 06416 of $89,243 sits approximately 14% higher than the overall Connecticut median income of $78,444 and approximately 42% higher than median income of $62,843 in the U.S. as a whole.

Rent as a Percentage of Income in ZIP Code 06416

See the chart below for a comparison of monthly rent cost vs. household income in ZIP Code 06416, Connecticut, and also in the U.S. as a whole.

This chart visualizes monthly rent cost as a percentage of household income in ZIP Code 06416 along with the same calculations in the state of Connecticut and the U.S. overall. For example, what percentage of renters pay 15.0 to 19.9 percent of the monthly household income toward rent.

Rent as a Percentage of Income in ZIP Code 06416

See the table below for the regional comparison of monthly rent as a percentage of household income.

Rent Cost as % of Income ZIP 06416 Connecticut U.S.
Less than 15.0 percent 15.0% 12.1% 13.1%
15.0 to 19.9 percent 10.3% 12.0% 12.9%
20.0 to 24.9 percent 13.0% 12.4% 12.9%
25.0 to 29.9 percent 11.4% 12.0% 11.6%
30.0 to 34.9 percent 14.9% 9.0% 9.1%
35.0 percent or more 35.4% 42.5% 40.5%

Household Income in ZIP Code 06416

See the table below for the regional comparison of annual household income in ZIP Code 06416.

Income ZIP 06416 Connecticut U.S.
Less than $10,000 2.0% 5.0% 6.0%
$10,000 to $14,999 3.2% 3.5% 4.3%
$15,000 to $24,999 6.6% 7.1% 8.9%
$25,000 to $34,999 3.4% 6.9% 8.9%
$35,000 to $49,999 10.0% 10.4% 12.3%
$50,000 to $74,999 17.4% 15.1% 17.2%
$75,000 to $99,999 12.5% 12.5% 12.7%
$100,000 to $149,999 21.0% 17.3% 15.1%
$150,000 to $199,999 12.6% 9.5% 6.8%
$200,000 or more 11.3% 12.6% 7.7%

Household Income in ZIP Code 06416

See the chart below for a comparison of annual household income figures in ZIP Code 06416, Connecticut, and also in the U.S. overall.

This chart visualizes annual household income in ZIP Code 06416 alongside the same figures for the state of Connecticut and also for the entire U.S.

Miscellaneous Related Stats on ZIP Code 06416

See the table below for the regional comparison of miscellaneous data and information related to housing, rentals, and income in ZIP Code 06416.

ZIP 06416 Connecticut U.S.
Median Housing Rent $1,200 $1,180 $1,062
Renter-Occupied Housing Units 23.8% 33.9% 36.0%
Rental Vacancy Rate 7.4% 6.3% 6.0%
Average Size of Renter-Occupied Unit 1.74 2.28 2.49
Average # of Bedrooms Per Unit 2.63 2.71 2.75
Percent of Income Spent on Rent 29.25% 30.39% 29.83%
Per Capita Income $49,348 $44,496 $34,103
Median Household Income $113,749 $113,031 $88,607
Living Below the Poverty Line 1.7% 6.8% 9.5%

Summary of Rental-related Data and Stats for ZIP Code 06416

In ZIP Code 06416 (Cromwell, CT), and estimated 23.8% of housing units are occupied by renters. This region has an approximate rental vacany rate of 7.4%.

The per capita income in 06416 is estimated at $49,348, which goes along with an estimated median household income of $113,749. About 1.7% of residents in this Middlesex County region live below the poverty line.

Among renter-occupied units in this ZIP, the average occupancy is 1.74 occupants, while the units have an aggregate average size of 2.63 bedrooms per unit.

Renters in this ZIP-defined region spend an average of 29.25% of their income on housing rental costs.

Rental FAQs for ZIP Code 06416

1

What is the median monthly rent in ZIP Code 06416?

Median rent for housing in ZIP Code 06416 in Middlesex County in Connecticut is approximately $1,200 per month.
2

Is it expensive to rent in ZIP Code 06416?

Rent in ZIP Code 06416 is higher than average in the state of Connecticut overall. The median monthly rent of $1,200 in ZIP Code 06416 is approximately 2% higher than the Connecticut median of $1,180. Additionally, median rent in this Cromwell, CT region ($1,200) is about 13% higher than median monthly rent cost of $1,062 in the U.S. overall.
3

Are high-priced rentals common in ZIP Code 06416?

High-priced rentals are more common in ZIP Code 06416 than in Connecticut overall. The percentage of rentals in ZIP Code 06416 that cost $3,000 or more per month (8.6%) is about 310% higher than the Connecticut rate of 2.1% that cost that much. Additionally, the overall U.S. rate of 2.4% paying $3,000 or more per month is about 258% lower than the aforementioned 06416 rate of 8.6%.
4

Are affordable rentals common in ZIP Code 06416?

Affordable rentals are more common in ZIP Code 06416 than in Connecticut overall. The percentage of housing rentals in ZIP Code 06416 costing $999 or less per month (35.7%) is approximately 6% higher than the Connecticut rate of 33.8% that fall in that range. In addition, the aggregate U.S. rate of 45.6% paying $999 or less per month is about 22% higher than the previously mentioned 06416 rate of 35.7%.
5

What is the most common cost range that rentals fall into in ZIP Code 06416?

The most common range for rental cost in ZIP Code 06416 is between $1,000 and $1,499 per month. About 32.2% of renters in 06416 pay in this range for monthly rent. In comparison, approximately 38.6% of renters in the state of Connecticut fall in the between $1,000 and $1,499 range, and 30.0% of overall U.S. renters fall in this range.
6

Does ZIP Code 06416 have a high rental vacancy rate?

The rental vacancy rate in ZIP Code 06416 is higher than the rental vacancy rate in the state of Connecticut overall. Rental vacancy of 7.4% in ZIP Code 06416 is about 17% higher than the Connecticut rate of 6.3%. Looking more broadly, rental vacancy in this Cromwell, CT region (7.4%) is an estimated 23% higher than the estimated rental vacancy rate of 6.0% in the U.S. overall.
7

What is the average household income in ZIP Code 06416? How does it compare to other Connecticut regions?

Median household income in ZIP Code 06416 is higher than in the state of Connecticut overall. Annual household income of $89,243 in ZIP Code 06416 is about 14% higher than the Connecticut median of $78,444. Additionally, median household income in this Cromwell, CT region ($89,243) is approximately 42% higher than median household income of $62,843 in the U.S. as a whole.
8

How much of their income do renters in ZIP Code 06416 spend on housing costs?

Renters in ZIP Code 06416 spend a lower amount of their income on rent costs than do renters in Connecticut overall. Renters in ZIP Code 06416 spend an estimated 29.25% of their income on rent payments, which is about 4% lower than the overall Connecticut estimated rate of 30.39%. In addition, the aggregate U.S. estimated rate of 29.83% of income spent on housing rental costs is about 2% higher than the ZIP Code 06416 estimated rate of 29.25%.
9

Do renters in ZIP Code 06416 typically spend a large portion of their income on rent payments?

It is uncommon for renters in ZIP Code 06416 to spend a large portion of their income on monthly housing. The percentage of renters in ZIP Code 06416 spending 30 percent or more of their income on rent costs (50.3%) is approximately 2% lower than the Connecticut rate of 51.5% that spend that much. In addition, the overall U.S. rate of 49.6% paying 30 percent or more of their income on rent costs is about 1% lower than the aforementioned 06416 rate of 50.3%.
10

What is the average household size of renter-occupied units in ZIP Code 06416?

The average household size of renter-occupied units in ZIP Code 06416 is lower than in the state of Connecticut overall. Annual household size of 1.74 in ZIP Code 06416 is about 24% lower than the Connecticut median of 2.28. Additionally, median household size in this Cromwell, CT region (1.74) is approximately 30% lower than median household size of 2.49 in the U.S. as a whole.

Rental Insights for other Connecticut ZIP Codes