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 | $1,320 |
| 1 Bedroom | $1,390 |
| 2 Bedrooms | $1,750 |
| 3 Bedrooms | $2,420 |
| 4 Bedrooms | $2,930 |
| 5 Bedrooms | $3,399 |
| 6 Bedrooms | $3,807 |
| 7 Bedrooms | $4,112 |
| 8 Bedrooms | $4,318 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,750 | $335,270 | 0.52% | F |
| 3BR | $2,420 | $420,289 | 0.58% | F |
| 4BR | $2,930 | $464,053 | 0.63% | D |
| 5BR | $3,399 | $515,823 | 0.66% | D |
U.S. Census Bureau data (2024)
ZIP code 80634 covers the western and central expanses of Greeley, Colorado, a region defined by its blend of suburban growth and agricultural heritage. This area is largely residential, featuring a mix of established single-family neighborhoods and newer developments that appeal to families seeking space relative to the Denver metro area. The local economy is historically anchored by the University of Northern Colorado, which sits just east of this ZIP code and provides a stable employment base of faculty, staff, and service workers that supports the rental market.
Fiscally, the data presents a clear arbitrage opportunity for voucher holders. The FY2026 Fair Market Rent for a 2-bedroom unit is $1,680, which is $129 higher than the current market rent of $1,551, creating a positive spread of roughly 8.3%. With a median home value of $447,825 and a median 2BR sale price of $338,374, the entry price point is manageable, though investors must account for a median of 76 days on market—indicating a moderate sales pace that requires patience when exiting.
Demand fundamentals are solid, driven by a median household income of $82,742 and a renter share of 27.5%. This income level suggests that while many residents can afford market rates, there is a substantial segment of the population that benefits from housing assistance, particularly near the university where service industry jobs are prevalent. Families are drawn to the area for access to highly-rated schools within Greeley-Evans School District 6 and the community amenities at the nearby Cache la Poudre River, which offers extensive trails and open space.
The Section 8 verdict for 80634 is positive, with the strongest angle being reliable cash flow backed by government guarantees. The $129 gap between FMR and market rent is the critical data point here; it ensures that a landlord accepting a voucher will likely earn more than the prevailing market rate while minimizing vacancy risk. For small-portfolio investors, the combination of reasonable acquisition costs and guaranteed rents above market parity makes this a defensive, income-focused play.
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.