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 | $1,450 |
| 1 Bedroom | $1,530 |
| 2 Bedrooms | $1,930 |
| 3 Bedrooms | $2,670 |
| 4 Bedrooms | $3,230 |
| 5 Bedrooms | $3,747 |
| 6 Bedrooms | $4,197 |
| 7 Bedrooms | $4,533 |
| 8 Bedrooms | $4,760 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $2,670 | $357,267 | 0.75% | D |
U.S. Census Bureau data (2024)
The ZIP code 80623 is primarily a homeowner-dominated area, with only 11.1% of the population being renters. This indicates that there is not a heavy concentration of potential Section 8 tenants in this region. The scarcity of renters suggests that vouchers might be less prevalent among the tenant pool.
Despite the lack of detailed income data, we can still analyze the rental market dynamics. The market rent for the area is $1,682 per month, which is slightly above the Fair Market Rent (FMR) set at $1,620 for FY 2024. Given the homeowner dominance, it's likely that the typical income level is higher than the national average for Section 8 recipients. However, without specific income figures, we cannot determine the exact percentage of income that goes towards rent for local residents.
To provide context, let's assume an average income level for renters in 80623. If we consider a hypothetical median income of $40,000, the $1,682 market rent would consume approximately 42.1% of a monthly income (assuming 1/12th of the annual income). This is significantly higher than the standard 30% guideline recommended by HUD for housing affordability. It suggests that even if some Section 8 vouchers were available, they would not cover the entire market rent, leaving a gap that tenants would need to fill out-of-pocket.
A landlord in ZIP 80623 should expect tenants who are either fully subsidized by Section 8 or partially subsidized and capable of contributing additional funds to meet the market rate. These tenants will likely be families or individuals who qualify for low-income housing assistance but may also include those who are just above the income eligibility threshold for full vouchers. Landlords should prepare for a mix of tenants who require financial assistance and those who can afford market rates, reflecting the broader economic diversity of the area.
In conclusion, while the ZIP code 80623 is not heavily populated by renters, there is still a presence of Section 8 voucher holders. The challenge lies in the affordability gap between market rents and FMRs, requiring landlords to balance between attracting tenants and covering their costs. Expect tenants who are financially disciplined and possibly willing to seek additional sources of income to support their housing expenses.
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.