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 | $2,090 |
| 1 Bedroom | $2,190 |
| 2 Bedrooms | $2,590 |
| 3 Bedrooms | $3,400 |
| 4 Bedrooms | $3,800 |
| 5 Bedrooms | $4,408 |
| 6 Bedrooms | $4,937 |
| 7 Bedrooms | $5,332 |
| 8 Bedrooms | $5,599 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $2,190 | $432,013 | 0.51% | F |
| 2BR | $2,590 | $538,788 | 0.48% | F |
| 3BR | $3,400 | $616,099 | 0.55% | F |
| 4BR | $3,800 | $765,749 | 0.5% | F |
| 5BR | $4,408 | $1,202,422 | 0.37% | F |
U.S. Census Bureau data (2024)
The economics of Section 8 housing in ZIP code 80465, Morrison, CO, within Jefferson County, are straightforward when you understand how the payments work. The SAFMR (Small Area Fair Market Rent) for a two-bedroom apartment in this specific ZIP code for fiscal year 2024 is set at $2,640. This figure represents the maximum amount that the government will pay toward rent for a unit in this area. However, the local market rent, as indicated by ZORI (Zillow Rent Index), is currently at $2,247.
A landlord might wonder how much they can expect to receive from a voucher holder. Here's the breakdown:
In ZIP 80465, landlords should anticipate that the total reimbursement will be close to the SAFMR of $2,640, assuming the market rent does not exceed this amount. Given that the local market rent is $2,247, the voucher would cover the difference between the tenant’s contribution and the full rent, ensuring that landlords receive the full market rate.
The typical reimbursement gap or surplus for a two-bedroom unit in this scenario is a surplus of $393 per month. This surplus occurs because the SAFMR exceeds the local market rent, meaning landlords receive more than the average market rate. Landlords should note that while the SAFMR is higher, the actual rent charged cannot exceed the market rate unless the unit is deemed to be of superior quality, in which case it could qualify for an exception under HUD guidelines.
To summarize, in ZIP 80465, landlords participating in the Section 8 program can expect to receive the full market rent plus an additional $393 due to the higher SAFMR compared to the local ZORI. This makes Section 8 vouchers particularly attractive for landlords in this area, as they ensure stable, government-backed rental income above the prevailing market rates.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-08-31). 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.