ZIP Code · CT

ZIP 06340

Part of Groton, CT

Pop. 29,863·New London County·39th most expensive ZIP in Connecticut

Median rent (all units)

$2,197/mo

Year-over-Year

+10.7%

Month-over-Month

+0.7%

vs US Median

+$265

Reported rents

Rising (Monthly)

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Most AffordableMost Expensive

ZIP 06340 · $2,197

More expensive than 70% of US ZIP codes · National median $1,932/mo

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Medians by bedroom

Rent by unit size

Studio

$1,370

1 BR

$1,590

2 BR

$1,980

3 BR

$2,550

4 BR+

$3,170

Research median

$1,980/mo

Bedroom estimates are gross rents that include essential utilities (electricity, water, gas, sewer, trash).

Rent trends

12-month history

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Last updated: October 17, 2026

From the history

What the numbers show

Compared with the peak

Rent in ZIP 06340 is at its highest level since Zillow's records here began in April 2023.

Past year vs. the rest of Connecticut

Rent in ZIP 06340 changed +10.7% over the year to September 2026. Across the 64 Connecticut ZIP codes Zillow tracks, the typical change was +3.7%.

Recent direction

Rent has risen 5 months in a row, and rose in 9 of the last 12 months.

What a typical income covers

30% of the median household income ($81,792) is $2,045 a month. That covers HUD's Fair Market Rent for up to a 2-bedroom ($1,980); a 3-bedroom is $2,550.

Cheaper nearby

ZIP 06320, 3 miles away, rents for 23% less ($1,700/mo), about $6,000 a year in savings.

From Zillow's monthly rent index (ZORI) for ZIP 06340. Income is the Census median household income (5-year estimates). Fair Market Rents are HUD’s, which include utilities.

Annual cost

$26,364/yr

At $2,197/mo median

Location

CityGroton

StateCT

CountyNew London County

Rent Market Meter

Strong Landlord's Market

Renter's MarketBalancedLandlord's Market

Rents are up 10.7% year-over-year. Expect competition, and move quickly to lock in terms.

Based on rent-price momentum (+10.7% YoY, +0.7% MoM), not inventory.

Demographics

Who lives here

ZIP 06340 (Groton, CT) is majority renter-occupied, skews toward younger working-age adults, 39.2% of residents hold a bachelor's degree or higher.

Population

29,863

Median income

$81,792

Median age

33.7

Renters

55.5%

Age distribution

18.7%

33.4%

19.4%

16.7%

Under 1818.7%

18–3433.4%

35–5419.4%

55–6411.8%

65+16.7%

Gender

53.8%

46.2%

Male53.8%

Female46.2%

Race & ethnicity

69.8%

14.2%

White69.8%

Black6.2%

Hispanic14.2%

Asian7.5%

Other2.4%

Education (25+)

26.7%

28.3%

39.2%

No HS diploma5.9%

HS diploma26.7%

Some college28.3%

Bachelor's+39.2%

Housing tenure

44.5%

55.5%

Owner44.5%

Renter55.5%

Source: U.S. Census Bureau · ACS 2024 5-Year Estimates

2023 vs 2026

How ZIP 06340 in Groton, CT has changed in 5 years

Rent

$1,650 → $2,197

up 33.2%

Income

$69,736 → $81,792

up 17.3%

Population

30,565 → 29,863

down 2.3%

Renter share

58.2% → 55.5%

-2.7 pts

Bachelor's+

33.2% → 39.2%

+6.0 pts

Median age

31.6 → 33.7

+2.1 yrs

Across the past five years, the going rent in ZIP 06340 in Groton, CT has shifted from $1,650 to $2,197, up 33.2% since 2023. On the earnings side, the typical household in ZIP 06340 in Groton, CT now reports about $81,792, up from $69,736 in 2021. Because rent grew faster than wages over the same span, the affordability picture has tightened relative to 2021. Census counts show ZIP 06340 in Groton, CT losing about 702 residents over the five-year window, down 2.3% on net. The renter share has eased from 58.2% to 55.5%, with owner-occupied housing accounting for the remainder. Bachelor's-degree-or-higher attainment moved from 33.2% to 39.2% across the same window. For context, the 2023 to 2026 window covers an unusually volatile run for US rents nationally, and ZIP 06340 in Groton, CT reflects that arc in its own way.

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About renting in ZIP 06340

Last updated: October 17, 2026

ZIP code 06340 covers Groton, CT. The median rent here is $2,197/mo as of October 2026. A 1-bedroom rents for a median of $1,590/mo. A 2-bedroom rents for a median of $1,980/mo.

At 32% of local median household income ($81,792/yr), ZIP 06340 ranks as moderate compared to the national benchmark of 30%. Rents have increased 10.7% over the past year.

FAQ

Frequently asked questions

How much income do you need to rent in ZIP 06340?

To keep rent at or below 30% of gross income, you would need to earn at least $88,000/year (about $42/hour full-time) to afford the median rent of $2,197/mo in ZIP 06340. The local median household income is $81,792/yr, so the typical household falls short of that bar.

Is rent going up or down in ZIP 06340?

Rent in ZIP 06340 has risen 10.7% over the past year as of September 2026. That is the highest level since Zillow's records here began in April 2023.

How does ZIP 06340 compare to other ZIPs in Connecticut?

ZIP 06340 is in the middle among Connecticut ZIP codes for rent, ranking #39 of 83 at $2,197/mo. Over the year to September 2026, rent in ZIP 06340 changed +10.7%, against a typical +3.7% across the 64 Connecticut ZIP codes Zillow tracks.