Location: Denver-Aurora-Centennial, CO | Metro: Denver-Aurora-Centennial, CO MSA
Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,480 |
| 1 Bedroom | $1,580 |
| 2 Bedrooms | $1,890 |
| 3 Bedrooms | $2,470 |
| 4 Bedrooms | $2,750 |
| 5 Bedrooms | $3,190 |
| 6 Bedrooms | $3,573 |
| 7 Bedrooms | $3,859 |
| 8 Bedrooms | $4,052 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $1,580 | $201,578 | 0.78% | D |
| 2BR | $1,890 | $458,240 | 0.41% | F |
| 3BR | $2,470 | $597,470 | 0.41% | F |
| 4BR | $2,750 | $743,075 | 0.37% | F |
| 5BR | $3,190 | $852,373 | 0.37% | F |
U.S. Census Bureau data (2024)
The ZIP code 80033, located in Wheat Ridge, Colorado, is a significant area for landlords and small-portfolio investors to consider when profiling Section 8 tenants. With a population of 26,485, nearly half of the residents are renters, representing 48.4% of the total population. This makes it a renter-heavy ZIP code with considerable potential for deep voucher demand.
The median household income in this area stands at $89,627, which is relatively high compared to national averages. However, the market rent of $1,763 per month constitutes a substantial portion of the average income. To be precise, the typical rent consumes approximately 21.9% of the median monthly income, calculated as ($1,763 / $89,627) * 12. This percentage highlights the financial strain that many renters might face when paying their monthly rent.
Comparing the market rent to the Fair Market Rent (FMR), which is set at $1,740 for FY 2024, we see that the market rent slightly exceeds the FMR. This indicates that landlords may need to adjust their expectations if they are relying solely on Section 8 vouchers to cover the full cost of renting. The slight discrepancy between the market rent and the FMR suggests that there could be some scarcity of vouchers relative to the rental demand, but given the high proportion of renters, the overall demand for vouchers remains strong.
A landlord in ZIP 80033 can expect a diverse tenant pool. Given the high median income, there will likely be a mix of tenants who qualify for Section 8 vouchers due to lower individual incomes or larger family sizes. These tenants will typically have an income below 50% of the area median income, which means they will have a household income less than approximately $44,814. Landlords should prepare for tenants who may require assistance with rent and utilities, ensuring that their properties meet the necessary standards and are affordable within the voucher limits.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-07-31). 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.