Section 8 Fair Market Rent (FMR) for ZIP 80815 - 2027

Location: Washington County, CO | Metro: Kit Carson County, CO

Investment Score for ZIP 80815

Monthly Rent (2BR)

$1,120

Median Price (2BR)

$179,889

1% Rule

0.62%

Annual Yield

7.47%

Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$830
1 Bedroom	$950
2 Bedrooms	$1,120
3 Bedrooms	$1,340
4 Bedrooms	$1,720
5 Bedrooms	$1,995
6 Bedrooms	$2,234
7 Bedrooms	$2,413
8 Bedrooms	$2,534

Investment Analysis by Bedroom Size

Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)

Bedrooms	Monthly FMR	Median Price	1% Rule	Grade
2BR	$1,120	$179,889	0.62%	D

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

923

Median Household Income

$51,780

Housing Units

533

Renter Percentage

40.1%

Occupancy Rate

88.0%

Renter Occupied

188

In ZIP 80815, which encompasses Flagler in Kit Carson County, Colorado, the Section 8 housing program operates under specific economic parameters. The SAFMR (Small Area Fair Market Rent) for a two-bedroom apartment is set at $980 per month for FY 2026. This figure is specific to this ZIP code and reflects the localized rental market conditions.

The local market rent, according to the Census ACS data, stands at $883 per month. This means that the SAFMR is higher than the average market rent, providing an opportunity for landlords to receive a slightly better rate than the going market rate.

A Section 8 voucher pays a significant portion of the rent directly to the landlord on behalf of the tenant. The exact amount depends on the tenant's income and the utility allowances, but generally, the voucher covers the difference between 30% of the tenant's income and the SAFMR. If the tenant's portion of the rent is below the market rent, the landlord will receive the remainder up to the SAFMR limit.

Let’s break down what a landlord can expect from a voucher payment:

Tenant Portion: Typically, the tenant is required to pay 30% of their adjusted monthly income towards rent. If the tenant’s income is low, this portion might be minimal, leaving the government to cover most of the SAFMR.
Voucher Payment: The government pays the landlord the difference between the tenant’s portion and the SAFMR, up to the maximum allowed. For example, if the tenant’s portion is $200, the government would pay $780 to reach the $980 SAFMR cap.
Utility Allowances: Vouchers also include allowances for utilities, which vary based on the region and type of unit. These allowances are additional payments made directly to the landlord.

In ZIP 80815, the typical reimbursement gap or surplus for a two-bedroom apartment is a surplus of $97 per month. This surplus occurs because the SAFMR ($980) is higher than the local market rent ($883), meaning landlords receive more than the average market rate when renting to tenants with vouchers.

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.