Location: Garfield County, CO | Metro: Garfield 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 | $1,180 |
| 1 Bedroom | $1,320 |
| 2 Bedrooms | $1,690 |
| 3 Bedrooms | $2,340 |
| 4 Bedrooms | $2,350 |
| 5 Bedrooms | $2,726 |
| 6 Bedrooms | $3,053 |
| 7 Bedrooms | $3,297 |
| 8 Bedrooms | $3,462 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,690 | $428,466 | 0.39% | F |
| 3BR | $2,340 | $649,929 | 0.36% | F |
| 4BR | $2,350 | $825,883 | 0.28% | F |
U.S. Census Bureau data (2024)
The market in ZIP 81647, encompassing New Castle, Colorado, reveals a dynamic equilibrium between supply and demand. The Fair Market Rent (FMR) stands at $1,620 for the fiscal year 2026, while the actual market rent, as per the Census American Community Survey (ACS), is slightly lower at $1,520. This indicates that rents are currently below the FMR, suggesting a market where demand is not significantly outpacing supply. However, the low 0.2% price-cut share signals that landlords are not frequently lowering their rents to attract tenants, which could imply a stable tenant pool and consistent rental demand.
The median home value in this area is $648,518, reflecting a residential market that is relatively robust but not overheated. With a 25.0% renter share, it's evident that a quarter of the population opts for renting over owning. This statistic points to ongoing long-term housing pressure, as a significant portion of residents prefer or require rental properties. Such a trend can suggest sustained demand for rental units, making the area attractive for landlords and small-portfolio investors who aim to capitalize on steady rental income.
In summary, ZIP 81647 presents a balanced market where neither supply nor demand overwhelmingly dominates. The slight gap between FMR and market rent, combined with the low price-cut share, suggests a stable environment for rentals. The substantial renter share highlights the enduring appeal of the rental sector, driven by various factors including affordability and lifestyle preferences. For investors, this translates into a market with reliable, if not rapidly growing, potential for rental investments.
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.