Section 8 Fair Market Rent (FMR) for ZIP 80027 - 2027

Location: Denver-Aurora-Centennial, CO | Metro: Boulder, CO MSA

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$1,760
1 Bedroom	$2,010
2 Bedrooms	$2,360
3 Bedrooms	$3,140
4 Bedrooms	$3,650
5 Bedrooms	$4,234
6 Bedrooms	$4,742
7 Bedrooms	$5,121
8 Bedrooms	$5,377

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

34,127

Median Household Income

$154,232

Housing Units

13,787

Renter Percentage

32.5%

Occupancy Rate

95.6%

Renter Occupied

4,279

Housing Authorities Serving ZIP 80027

Boulder Housing Partners (Boulder, CO) - 1,328 Section 8 vouchers
Boulder County Housing Authority (Boulder, CO) - 984 Section 8 vouchers
Longmont Housing Authority (Longmont, CO) - 518 Section 8 vouchers

The economics of Section 8 housing in ZIP code 80027, located in Louisville, CO, within Boulder County, are straightforward when analyzed against the SAFMR (Small Area Fair Market Rent) and local market rents. For a two-bedroom apartment, the SAFMR for FY 2024 is set at $2,580, which is the specific rate for this ZIP code. This contrasts with the local market rent, as measured by ZORI (Zillow Observed Rent Index), which stands at $2,260.

A landlord might wonder how these figures translate into actual payments once a tenant's contribution and utility allowances are considered. Here’s a breakdown:

Tenant Contribution: The tenant must pay 30% of their adjusted income towards rent. If we assume an average adjusted income of $1,500 per month, the tenant would contribute $450 to the rent.
Voucher Payment: The voucher will cover the difference between the tenant's contribution and the SAFMR. In this case, the voucher would pay $2,130 ($2,580 - $450).
Utility Allowances: Additional funds are available for utilities, but these do not directly increase the rental payment. They are intended to help tenants manage their living expenses.

Given these numbers, landlords in ZIP 80027 can expect a reimbursement of $2,130 for a two-bedroom unit. However, this amount is based on the SAFMR, which is higher than the local market rent. As such, there is a potential surplus for landlords participating in the program here. Specifically, the typical reimbursement gap or surplus for a two-bedroom voucher in this ZIP code is $2,130 minus the local market rent of $2,260, resulting in a surplus of $1,170 above the local market rent.

This surplus indicates that landlords can potentially receive more than the prevailing market rates for renting out a two-bedroom unit under the Section 8 program in ZIP 80027. It also suggests that the SAFMR for this ZIP code is well-calibrated to support landlords while ensuring affordable housing options for eligible tenants.

Data Sources: FMR data from HUD (2027). Demographics from U.S. Census (2024).

About FMR: Fair Market Rent (FMR) is used to determine payment standards for the Section 8 Housing Choice Voucher program, initial renewal rents for some expiring project-based Section 8 contracts, and rent ceilings for HOME Investment Partnerships.