Location: Lincoln County, CO | Metro: Colorado Springs, CO HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $750 |
| 1 Bedroom | $850 |
| 2 Bedrooms | $1,010 |
| 3 Bedrooms | $1,410 |
| 4 Bedrooms | $1,610 |
| 5 Bedrooms | $1,868 |
| 6 Bedrooms | $2,092 |
| 7 Bedrooms | $2,259 |
| 8 Bedrooms | $2,372 |
U.S. Census Bureau data (2024)
The ZIP code 80833 is located in a suburban neighborhood characterized by a relatively small population of 1,240 residents. Only 12.3% of these residents are renters, indicating a predominantly owner-occupied area. The median income here stands at $42,139, which suggests a middle-class community. However, the median home value is not available, making it difficult to assess the overall property value trends in the area.
Moving into the economic analysis of renting, the Fair Market Rent (FMR) for ZIP 80833 in fiscal year 2024 is set at $1,180. This is notably higher than the reported market rent of $797, according to the Census ACS. This discrepancy highlights an opportunity for landlords and investors who can leverage the higher FMR rates through participation in the Section 8 housing choice voucher program.
Given the characteristics of ZIP 80833, it would likely be more suitable for a hands-on value-add buyer rather than a hands-off voucher operator. The low percentage of renters and the limited availability of data on median home values suggest that there is room for improvement and active management to increase rental income and property value. A hands-on approach could involve upgrading properties to meet the higher FMR standards and attracting tenants who benefit from the Section 8 program. This strategy could potentially yield better returns compared to a passive approach.
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.