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 |
|---|---|---|---|---|
| 2BR | $1,890 | $305,860 | 0.62% | D |
U.S. Census Bureau data (2024)
The real estate landscape in ZIP 80438 (Empire, CO) presents a nuanced picture that merits careful consideration for both landlords and small-portfolio investors. With a median home value of $358,550, the area reflects a balanced market where neither buyers nor sellers hold overwhelming leverage.
Data indicating an N/A% reduction in listings and an N/A-day median days on market (DOM) suggests stability but lacks definitive signals of either tightening or loosening market conditions. This ambiguity points towards a market that could be influenced by external factors such as economic trends, interest rates, and broader housing market dynamics.
On the rental side, the Federal Market Rent (FMR) for ZIP 80438 in fiscal year 2024 is set at $1,680, while the current market rate, according to Census ACS, stands at $1,444. This discrepancy indicates potential upward pressure on rents, suggesting that landlords could see opportunities to adjust their rental rates closer to the FMR without significant risk of vacancies.
For long-term investors, the setup in Empire, CO, implies a realistic appreciation thesis grounded in the convergence of home values and rental rates towards more favorable levels. As rental rates approach the FMR, the attractiveness of the area for both tenants and homeowners increases, which can support gradual growth in property values. However, the absence of specific historical appreciation percentages means caution is advised. Investors should focus on maintaining competitive rental rates and keeping properties in good condition to capitalize on the area's potential for steady growth.
The overall market conditions in ZIP 80438 suggest a scenario where landlords and small-portfolio investors can maintain their current positions or make strategic adjustments without taking undue risks. The balance between home values and rental rates provides a foundation for stable returns, with the potential for modest growth as the local economy and housing market evolve.
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.