Location: San Miguel County, CO | Metro: Montrose County, CO
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,130 |
| 1 Bedroom | $1,130 |
| 2 Bedrooms | $1,490 |
| 3 Bedrooms | $2,060 |
| 4 Bedrooms | $2,330 |
| 5 Bedrooms | $2,703 |
| 6 Bedrooms | $3,027 |
| 7 Bedrooms | $3,269 |
| 8 Bedrooms | $3,432 |
U.S. Census Bureau data (2024)
ZIP code 81431, located within San Miguel County, CO, presents a unique snapshot compared to the typical ZIP codes in its county. The Fair Market Rent (FMR) for ZIP 81431 is set at $1,570 for fiscal year 2026, which is a critical figure for landlords and small-portfolio investors considering the rental market dynamics.
The median home value in ZIP 81431 stands at $384,181, indicating a higher-than-average investment in property assets relative to the broader San Miguel County context. This suggests that properties in 81431 are generally priced above the county average, positioning it as a premium sub-market within the metro area.
A key metric to consider is the 7.5% share of renters in the ZIP code. While this figure alone does not provide a complete picture, it is worth noting that the absence of market rent data might imply that the rental market in 81431 is less active or less documented compared to other areas in the county. However, the presence of a defined FMR indicates government interest in the housing conditions of this area.
To determine if ZIP 81431 is a value pocket or a mid-tier neighborhood, we must look at the interplay between its FMR and home values. Given the high median home value, combined with the established FMR, it is reasonable to infer that 81431 leans towards being a premium sub-market within San Miguel County. This inference is supported by the lack of available market rent data, which could suggest that the rental prices are closely aligned with or exceed the FMR, making it an attractive location for those seeking higher-end rentals.
However, the relatively low renter share of 7.5% diverges from what might be expected in a premium sub-market, where one would typically see a higher percentage of renters due to the higher cost of homeownership. This low renter share could indicate that the majority of residents in 81431 own their homes, thus reducing the overall demand for rental properties. In contrast, a high renter share coupled with lower home values often points to a Section 8 sweet spot, but such a scenario is not evident here given the high median home value.
In summary, ZIP 81431 appears to be a premium sub-market within San Miguel County, characterized by high median home values and an established FMR. The low renter share suggests a strong homeownership base, which contrasts with the premium nature of the housing market, potentially making it less favorable for Section 8 tenants and more suited for investors looking to capitalize on higher-end property values.
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.