Location: Denver-Aurora-Centennial, CO | Metro: Boulder, 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 | $1,980 |
| 1 Bedroom | $2,080 |
| 2 Bedrooms | $2,460 |
| 3 Bedrooms | $3,230 |
| 4 Bedrooms | $3,620 |
| 5 Bedrooms | $4,199 |
| 6 Bedrooms | $4,703 |
| 7 Bedrooms | $5,079 |
| 8 Bedrooms | $5,333 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $2,080 | $378,954 | 0.55% | F |
| 2BR | $2,460 | $576,702 | 0.43% | F |
| 3BR | $3,230 | $818,572 | 0.39% | F |
| 4BR | $3,620 | $1,051,045 | 0.34% | F |
| 5BR | $4,199 | $1,268,752 | 0.33% | F |
U.S. Census Bureau data (2024)
The economics of Section 8 housing in ZIP code 80403, located in Golden, Colorado, within Jefferson County, are straightforward. The SAFMR (Section 8 Area Fair Market Rent) for a two-bedroom apartment in this specific ZIP code is set at $2350 per month for fiscal year 2024. This figure represents the maximum amount the Housing Choice Voucher program will pay towards rent.
In contrast, the local market rent for a similar two-bedroom unit is higher, running at $2,928 according to ZORI (Zillow Observed Rent Index). This difference highlights the financial dynamics faced by landlords participating in the Section 8 program.
A voucher payment consists of several components: the government subsidy, the tenant's contribution, and utility allowances. For a two-bedroom apartment, the tenant is typically expected to pay 30% of their adjusted income toward rent. If we assume an average adjusted income of $1,567 (which would result from a monthly rent of $2350 at 30%), the tenant's portion would be approximately $470.
The SAFMR of $2350 covers the rent subsidy and any utility allowances. In ZIP 80403, the utility allowance is generally around $350 per month. Therefore, the total reimbursement a landlord can expect from the voucher program is $2700 ($2350 for rent plus $350 for utilities).
This leaves a significant gap between the market rent and the voucher reimbursement. With the local market rent at $2,928, landlords would see a shortfall of $228 per month if they were to charge the full market rate while accepting a Section 8 voucher for a two-bedroom unit.
To summarize, in ZIP 80403, landlords who participate in the Section 8 program for a two-bedroom apartment will receive a total of $2700 per month from the voucher program. However, this falls short of the local market rent by $228, creating a noticeable reimbursement gap. Landlords must carefully consider these economic realities when deciding whether to accept Section 8 vouchers for their properties.
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.