Location: Rio Grande County, CO | Metro: Mineral County, CO
Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)
| Unit Size | Monthly FMR |
|---|---|
| Studio | $950 |
| 1 Bedroom | $990 |
| 2 Bedrooms | $1,280 |
| 3 Bedrooms | $1,550 |
| 4 Bedrooms | $1,990 |
| 5 Bedrooms | $2,308 |
| 6 Bedrooms | $2,585 |
| 7 Bedrooms | $2,792 |
| 8 Bedrooms | $2,932 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $990 | $217,309 | 0.46% | F |
| 2BR | $1,280 | $328,445 | 0.39% | F |
| 3BR | $1,550 | $532,102 | 0.29% | F |
| 4BR | $1,990 | $738,804 | 0.27% | F |
U.S. Census Bureau data (2024)
The ZIP code 81154, located in Del Norte, CO, represents a modest-sized rental market with a population of 1,363 individuals. Among these residents, 29.0% are renters, indicating a significant but not overwhelming presence of rental housing in the area. The median household income stands at $77,177, which provides a benchmark for assessing the affordability of housing.
The typical market rent of $935 is a key figure when considering the potential tenant pool. This amount equates to approximately 11.9% of the median household income, suggesting that the average renter can afford the typical market rent without excessive financial strain. However, it's important to note that this percentage can vary widely depending on individual circumstances such as family size and additional income sources.
Comparing the market rent to the Fair Market Rent (FMR) of $1,200, set for FY 2026 in the metro area, reveals that the actual rent in Del Norte is below the FMR. This indicates that landlords in this ZIP code could potentially receive higher subsidies through the Housing Choice Voucher Program, commonly known as Section 8, compared to areas where rents approach or exceed the FMR.
To understand the depth of voucher demand, we must consider the proportion of renters and the overall economic conditions. With nearly 30% of the population renting, there is a substantial number of potential voucher holders. Given the median income level, a significant portion of the renters likely qualify for assistance due to the relative cost of living and housing expenses.
A landlord in ZIP 81154 should anticipate tenants who rely on Section 8 vouchers for their housing needs. These tenants will have a steady source of income and be subject to rigorous background checks and verification processes before receiving vouchers. Landlords can expect a reliable payment stream from the government, covering the difference between the tenant's contribution and the market rent, as long as the rent is within the FMR guidelines.
In conclusion, while Del Norte is not dominated by renters, it has a notable rental sector with a strong likelihood of voucher usage. The lower market rent compared to the FMR suggests that landlords could benefit from the Section 8 program, attracting tenants who are financially stable and committed to fulfilling their lease obligations.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-08-31). 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.