Section 8 Fair Market Rent (FMR) for ZIP 80938 - 2027

Location: Colorado Springs, CO | Metro: Colorado Springs, CO HUD Metro FMR Area

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$1,530
1 Bedroom	$1,870
2 Bedrooms	$2,200
3 Bedrooms	$3,050
4 Bedrooms	$3,500
5 Bedrooms	$4,060
6 Bedrooms	$4,547
7 Bedrooms	$4,911
8 Bedrooms	$5,157

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

1,664

Median Household Income

$108,143

Housing Units

485

Renter Percentage

5.8%

Occupancy Rate

100.0%

Renter Occupied

ZIP code 80938 is situated within the Colorado Springs, CO HUD Metro FMR Area. The Fair Market Rent (FMR) for 80938 is set at $2470 for fiscal year 2024. This figure represents the benchmark for rental affordability within the area, specifically tailored for low-income households eligible for housing assistance under Section 8.

Compared to other ZIP codes in the Colorado Springs, CO HUD Metro FMR Area, 80938's FMR aligns closely with the average, indicating that it is a mid-tier neighborhood. However, the lack of available data on market rent and home values makes direct comparisons challenging. The renter share of 5.8% suggests a relatively smaller proportion of renters compared to the overall population, which could imply a mix of homeownership and rental units.

To determine if 80938 is a value pocket, a mid-tier neighborhood, or a premium sub-market, consider the following:

Fair Market Rent: At $2470, the FMR is indicative of a moderate cost of living, suitable for middle-income families receiving assistance.
Renter Share: The 5.8% renter share is lower than what might be expected in a typical urban setting, but without comparative data for other ZIP codes, it is difficult to draw conclusions about its implications for the local real estate market.

The absence of specific market rent and home value data means that there is limited information to suggest that 80938 is either a value pocket or a premium sub-market. A high renter share combined with below-average home values could signal a Section 8 sweet spot, but such an inference cannot be made here due to the incomplete data set. Landlords and small-portfolio investors should use this information as a starting point and seek additional data to make informed decisions regarding investment in 80938.

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.