Location: Morgan County, CO | Metro: Greeley, CO MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,060 |
| 1 Bedroom | $1,120 |
| 2 Bedrooms | $1,410 |
| 3 Bedrooms | $1,960 |
| 4 Bedrooms | $2,340 |
| 5 Bedrooms | $2,714 |
| 6 Bedrooms | $3,040 |
| 7 Bedrooms | $3,283 |
| 8 Bedrooms | $3,447 |
U.S. Census Bureau data (2024)
The analysis of ZIP code 80754 in Morgan County, Colorado, reveals several key points for landlords and small-portfolio investors considering the area.
The first question to address is whether the rent math works. The Fair Market Rent (FMR) for the zip code in fiscal year 2024 is set at $1530. However, the market rent is currently not available, which means that landlords should closely monitor local rental trends to ensure they are setting competitive rates. Without a comparison to market rent, it's challenging to assess if the FMR accurately reflects what tenants are willing to pay.
Moving on to the affordability of acquisition, the median home value is not specified, nor is the average number of days on the market (DOM), or the percentage of homes that have been subject to price cuts. This lack of data makes it difficult to provide a definitive assessment of the cost and ease of acquiring properties in this area. Investors will need to conduct thorough research into recent property sales and listings to gauge the current real estate market conditions.
Regarding tenant demand, the zip code has a population of 141, with 17.3% of residents being renters. Given the small population size, the pool of potential tenants is limited, which could impact the ability to quickly fill vacancies. However, the renter share indicates a steady demand for rental housing relative to the total population.
In conclusion, while the FMR provides a benchmark for rental pricing at $1530, the absence of market rent data introduces uncertainty. The lack of detailed acquisition metrics such as median home value and DOM percentages further complicates an investment decision. Despite these limitations, the 17.3% renter share suggests there is demand for rental housing, but the small population size means that competition among landlords could be fierce. Investors must weigh these factors carefully and consider additional research before committing to investments in ZIP 80754.
Data Sources: FMR data from HUD (2027). 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.