Location: Greeley, 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 | $1,970 |
| 1 Bedroom | $2,150 |
| 2 Bedrooms | $2,630 |
| 3 Bedrooms | $3,580 |
| 4 Bedrooms | $4,250 |
| 5 Bedrooms | $4,930 |
| 6 Bedrooms | $5,522 |
| 7 Bedrooms | $5,964 |
| 8 Bedrooms | $6,262 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $2,630 | $530,930 | 0.5% | F |
| 3BR | $3,580 | $625,263 | 0.57% | F |
| 4BR | $4,250 | $740,832 | 0.57% | F |
| 5BR | $4,930 | $872,785 | 0.56% | F |
U.S. Census Bureau data (2024)
The economics of Section 8 housing in ZIP code 80516, located in Erie, Colorado, within Weld County, are straightforward. For a two-bedroom apartment, the SAFMR (Small Area Fair Market Rent) for FY 2024 is set at $2,610. This figure represents the maximum amount that the Housing Choice Voucher program will reimburse landlords for rent in this specific ZIP code.
Local market rents also run at $2,610, according to the ZORI (Zillow Observed Rent Index), indicating that the SAFMR closely aligns with the actual rental market in 80516. When a tenant uses a Section 8 voucher, they are required to pay 30% of their adjusted income toward the rent. If the tenant's monthly income is $1,000, their payment would be $300. However, if the tenant's income is higher, say $2,000 per month, their contribution would be $600.
In addition to the rent, the voucher includes utility allowances. These allowances vary but typically cover the cost of utilities up to a certain amount. For instance, if the utility allowance is $100, the total amount covered by the voucher for a tenant with a $2,000 income would be $2,710 ($600 tenant payment + $2,110 voucher payment).
Landlords should note that the voucher payment is calculated based on the lower of the market rent or the SAFMR. In ZIP 80516, since the market rent matches the SAFMR, landlords can expect to receive the full SAFMR of $2,610 from the voucher program, plus any additional utility allowances.
To illustrate, consider a tenant with an adjusted income of $1,800 per month. Their contribution would be $540, and if the utility allowance is $100, the total reimbursement would be $2,250 ($540 tenant payment + $1,710 voucher payment). This leaves a reimbursement gap of $360, which is the difference between the SAFMR and the total reimbursement received.
In summary, for a two-bedroom apartment in ZIP 80516, landlords can expect a reimbursement of $2,610 from the voucher program, plus any utility allowances. Given the alignment between the SAFMR and the local market rent, there is typically a small surplus or a manageable gap, depending on the tenant's income. Landlords must ensure that the rent does not exceed the SAFMR to fully benefit from the voucher program.
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.