Location: Denver-Aurora-Centennial, CO | Metro: Denver-Aurora-Centennial, CO MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,740 |
| 1 Bedroom | $1,820 |
| 2 Bedrooms | $2,150 |
| 3 Bedrooms | $2,820 |
| 4 Bedrooms | $3,150 |
| 5 Bedrooms | $3,654 |
| 6 Bedrooms | $4,092 |
| 7 Bedrooms | $4,419 |
| 8 Bedrooms | $4,640 |
The ZIP code 80217, located in Colorado, presents an interesting scenario for both renters and landlords. Given the lack of specific data on median income and market rate rental prices, it is challenging to provide a direct comparison between the local economic conditions and housing costs. However, the Federal Market Rent (FMR) standard for the area in fiscal year 2024 is set at $2150. This figure serves as a benchmark for the Housing Choice Voucher Program, commonly known as Section 8.
Without precise local income figures, it is unclear if a typical household in 80217 can comfortably afford the market rate for rentals. The FMR of $2150 suggests that there is a significant portion of the population who may rely on government assistance to find suitable housing. This reliance on vouchers could indicate a high level of competition among landlords willing to accept Section 8 tenants.
The unknown percentage of renters and the total population in 80217 further complicates the analysis. Nonetheless, the presence of a substantial number of voucher holders implies a demand for affordable housing options. Landlords must consider the balance between accepting vouchers, which ensure consistent payments at a fixed rate, and seeking out cash-paying tenants who might offer higher rents but come with their own risks and challenges.
In conclusion, while the exact numbers are missing, the FMR of $2150 highlights a potential affordability gap in 80217. For landlords, this means that accepting Section 8 vouchers can be a strategic move to secure a steady stream of income, albeit at a fixed rate. On the other hand, focusing on cash-paying tenants could lead to higher rental incomes but requires careful tenant screening to mitigate financial risks. The choice should align with the landlord's investment goals and risk tolerance.
Data Sources: FMR data from HUD (2027).
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.