Section 8 Fair Market Rent (FMR) for ZIP 81151 - 2027

Location: Costilla County, CO | Metro: Conejos County, CO

Investment Score for ZIP 81151

N/A

Monthly Rent (2BR)

$1,170

Median Price (2BR)

$N/A

1% Rule

Annual Yield

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	$870
1 Bedroom	$1,050
2 Bedrooms	$1,170
3 Bedrooms	$1,610
4 Bedrooms	$1,630
5 Bedrooms	$1,891
6 Bedrooms	$2,118
7 Bedrooms	$2,287
8 Bedrooms	$2,401

Investment Analysis by Bedroom Size

Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)

Bedrooms	Monthly FMR	Median Price	1% Rule	Grade
3BR	$1,610	$212,800	0.76%	D

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

1,716

Median Household Income

$43,417

Housing Units

848

Renter Percentage

23.7%

Occupancy Rate

90.4%

Renter Occupied

182

The ZIP code 81151, located in Montrose, Colorado, is a small, rural community that offers a unique opportunity for real estate investors looking to capitalize on affordable housing and rental markets. The area's manageable size and relatively low cost of living make it an attractive investment destination for those interested in Section 8 properties.

Fair Market Rent (FMR) for the metro area in fiscal year 2026: The FMR stands at $970, indicating the maximum amount that a Section 8 tenant can pay for rent in the area.
Market Rent (Census ACS): The average market rent is $1,074, slightly above the FMR but still within reach for many tenants.
Median Home Value: At $208,726, the median home value is modest, offering investors a chance to acquire properties without a significant capital outlay.
Renter Share: With 23.7% of residents renting, there is a substantial demand for rental properties, particularly those that qualify for Section 8 subsidies.
Median Income: The median household income is $43,417, which aligns well with the income limits for Section 8 eligibility, ensuring a steady stream of potential tenants.

Investors should note that while the data does not provide a specific Days on Market (DOM), the combination of a favorable FMR and market rent, along with a moderate median home value and a reasonable percentage of renters, suggests a stable and potentially lucrative market. The alignment between median income and Section 8 income limits ensures a consistent supply of qualified tenants. However, due to the rural nature of the area, it's important to consider the local economy and job market stability before making any investment decisions.

Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-07-31). 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.