Location: Fort Collins-Loveland, CO | Metro: Fort Collins-Loveland, 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 | $1,360 |
| 1 Bedroom | $1,390 |
| 2 Bedrooms | $1,560 |
| 3 Bedrooms | $2,150 |
| 4 Bedrooms | $2,290 |
| 5 Bedrooms | $2,656 |
| 6 Bedrooms | $2,975 |
| 7 Bedrooms | $3,213 |
| 8 Bedrooms | $3,374 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $1,390 | $344,258 | 0.4% | F |
| 2BR | $1,560 | $517,547 | 0.3% | F |
| 3BR | $2,150 | $750,934 | 0.29% | F |
| 4BR | $2,290 | $968,745 | 0.24% | F |
| 5BR | $2,656 | $1,225,326 | 0.22% | F |
U.S. Census Bureau data (2024)
The economics of Section 8 in ZIP code 80517, Estes Park, Colorado, within Larimer County, are straightforward. The SAFMR (Small Area Fair Market Rent) for a two-bedroom apartment is set at $1390 per month for the fiscal year 2024. This figure is specifically tailored for this ZIP code, reflecting the local rental market conditions.
In contrast, the local market rent for a similar unit is recorded at $1,537 per month according to the Census ACS (American Community Survey). Landlords participating in the Section 8 program will receive a subsidy based on the SAFMR, which can be lower than the market rent. Here's how it works:
The voucher program pays the difference between the SAFMR and the tenant's portion of the rent, which is typically 30% of their income. For instance, if a tenant's monthly income is $1,500, their portion would be $450 (30% of $1,500). Therefore, the voucher would cover the remaining $940 ($1390 - $450).
Beyond the base rent, there are also utility allowances. These vary but generally add up to around $300-$400 per month for a two-bedroom apartment. This allowance is intended to help cover electricity, water, and other utilities. If the total utility allowance is $350, the landlord would receive an additional $350 on top of the $940 for rent, totaling $1,290.
To summarize, in ZIP 80517, a landlord might expect a reimbursement of approximately $1,290 per month for a two-bedroom apartment under the Section 8 program. Given the local market rent of $1,537, this leaves a reimbursement gap of $247. In essence, landlords will need to accept a slightly lower rent than the market rate, or they can choose to charge a higher rent and have the tenant pay the difference out-of-pocket, assuming their income allows for it.
This economic model ensures that low-income families can afford housing while providing landlords with a stable, though not market-rate, source of income. It's important to note that the SAFMR is adjusted annually based on changes in the local rental market, so landlords should keep an eye on these updates.
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.