Location: Greeley, CO | Metro: Greeley, 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 | $1,250 |
| 1 Bedroom | $1,320 |
| 2 Bedrooms | $1,660 |
| 3 Bedrooms | $2,300 |
| 4 Bedrooms | $2,770 |
| 5 Bedrooms | $3,213 |
| 6 Bedrooms | $3,599 |
| 7 Bedrooms | $3,887 |
| 8 Bedrooms | $4,081 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,660 | $391,008 | 0.42% | F |
| 3BR | $2,300 | $493,012 | 0.47% | F |
| 4BR | $2,770 | $545,675 | 0.51% | F |
| 5BR | $3,213 | $670,760 | 0.48% | F |
U.S. Census Bureau data (2024)
A skeptical investor might question whether the Fair Market Rent (FMR) of $1,460 for ZIP 80615 in 2024 will be sufficient to cover the mortgage on a home valued at $518,793. To answer this, let's look at current mortgage rates. As of March 4, 2022, mortgage rates surged, but without specific figures for 2024, it's difficult to provide an exact answer. However, if we consider a conservative estimate of a 4% fixed-rate mortgage, the monthly payment on a $518,793 home would likely exceed $1,460, suggesting that FMR alone might not fully cover the mortgage.
The rental market demand in ZIP 80615 stands at 5.7%, which could be seen as low compared to other markets. However, this figure represents the percentage of households that rent, indicating a stable but modest demand. It's important to note that the estimated median house value in 2023 for white non-Hispanic householders is $516,961, close to the median home value in the area. This suggests that the local economy supports a reasonable level of homeownership, which can also benefit renters. While the demand appears limited, the data does not fully reveal the potential for rental growth or the specific needs of the local tenant pool.
Another concern is whether Housing Choice Vouchers will keep pace with market rents, which are currently at $1,560. The data does not explicitly show the voucher utilization rate for ZIP 80615. However, voucher utilization rates generally vary by region and can impact the availability of affordable housing. In some cases, vouchers do not fully cover market rents, leaving tenants to pay the difference. This means that while vouchers can help make housing more affordable, they may not entirely offset the gap between FMR and market rents. Landlords should prepare for the possibility of receiving less than market value from voucher programs.
In summary, while the data provides insights into the challenges of investing in ZIP 80615, such as covering mortgage payments with FMR and the modest rental market demand, it does not offer a complete picture. Investors must weigh these factors against their own financial goals and the potential for economic growth in the area.
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.