Location: Colorado Springs, CO | Metro: Colorado Springs, CO HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,430 |
| 1 Bedroom | $1,750 |
| 2 Bedrooms | $2,050 |
| 3 Bedrooms | $2,840 |
| 4 Bedrooms | $3,260 |
| 5 Bedrooms | $3,782 |
| 6 Bedrooms | $4,236 |
| 7 Bedrooms | $4,575 |
| 8 Bedrooms | $4,804 |
U.S. Census Bureau data (2024)
ZIP code 80902 is a renter-heavy area with a population of 11,951, where 100.0% of residents are renters. This high concentration of renters indicates a strong potential for deep voucher demand, making it an attractive location for landlords and small-portfolio investors interested in Section 8 tenants.
The median household income in 80902 is $67,374. The typical market rent of $2,185 represents approximately 32.4% of the median monthly income, which is calculated by dividing the annual median income by 12 months. This percentage suggests that while rents are not excessively high, they still constitute a significant portion of the average resident's income.
Comparing the market rent to the Fair Market Rent (FMR) of $2,330 for FY 2024, it appears that the actual market rent is slightly below the FMR. This means that landlords can potentially set rents at or slightly above the current market rate without exceeding the FMR limit, thereby attracting Section 8 tenants.
A landlord in ZIP 80902 should expect a tenant profile that includes individuals and families who rely on housing vouchers to afford their living expenses. These tenants will likely be working-class families, single parents, and elderly or disabled individuals who need assistance to cover the cost of housing. With a median income of $67,374, many tenants will have to allocate a substantial portion of their income towards rent, highlighting the importance of maintaining properties that offer good value and meet the standards required by the Section 8 program.
To summarize, 80902 is an ideal ZIP for Section 8 tenants due to its high rental demand and income levels that align well with the FMR. Landlords should prepare to work with tenants who have limited disposable income but are committed to stable, affordable housing solutions.
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.