Location: Cheyenne County, CO | Metro: Cheyenne County, CO
| Unit Size | Monthly FMR |
|---|---|
| Studio | $750 |
| 1 Bedroom | $780 |
| 2 Bedrooms | $1,010 |
| 3 Bedrooms | $1,350 |
| 4 Bedrooms | $1,580 |
| 5 Bedrooms | $1,833 |
| 6 Bedrooms | $2,053 |
| 7 Bedrooms | $2,217 |
| 8 Bedrooms | $2,328 |
U.S. Census Bureau data (2024)
The median income in ZIP code 80825 stands at $68,750, which places significant constraints on the average household's ability to afford housing. The market rate for rent, according to the Census ACS, is $653. This means that a household earning the median income would spend approximately 10.1% of their monthly income on rent alone, assuming a consistent distribution throughout the year. However, when comparing this to the Federal Market Rent (FMR) standard for voucher payments, set at $970 for the metro area in fiscal year 2026, the disparity becomes stark.
Given that 23.5% of the 401-person population are renters, the competition among landlords is relatively low compared to densely populated areas. However, the affordability gap between the market rate and the FMR means that landlords who accept vouchers must navigate a different landscape. They will have fewer options available to them as they seek to find properties that match the voucher payment levels without being overpriced for the local market.
For landlords considering whether to adopt a voucher acceptance strategy or stick with cash-paying tenants, the key takeaway is clear: accepting vouchers can provide a steady stream of tenants willing to pay up to $970, but it requires careful selection of properties that align with this higher payment threshold. Cash-paying tenants, while less guaranteed in terms of income source, are likely to be more flexible and numerous in an area where the median income is lower and the market rate is significantly below the FMR. Landlords should weigh these factors carefully, understanding the trade-offs between the two strategies and the potential impact on their property choices and tenant pool.
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.