FMR is near market; voucher and private rents are aligned.
1.06
1 BR
1 BR
1.13ratio
FMR$1,850
Market$1,630
vs market+$220
FMR is above market; underwrite to market rent.
1.13
2 BR
2 BR
1.14ratio
FMR$2,170
Market$1,900
vs market+$270
FMR is above market; underwrite to market rent.
1.14
3 BR
3 BR
1.23ratio
FMR$3,000
Market$2,430
vs market+$570
FMR is above market; underwrite to market rent.
1.23
4 BR
4 BR
1.31ratio
FMR$3,450
Market$2,630
vs market+$820
FMR is above market; underwrite to market rent.
1.31
0.700.800.901.001.101.201.30aligned range
Historical
FY 2023-2027
FMR
FY2027
Market rent
last ~365 days
Property value
--
Tax rate
--
Mortgage rate
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ZIP 80840 fair market rent, FY 2027
For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 80840 (Usaf Academy, CO) is $2,170 a month. That is down 6.5% from $2,320 in FY 2026. Usaf Academy is in the Colorado Springs, CO HUD Metro FMR Area, where HUD requires housing authorities to set voucher payment standards by ZIP code using Small Area FMRs. Among 58 ZIP codes in El Paso County, 80840 has the 5th-highest two-bedroom rent (county range $1,010–$2,430). The median county two-bedroom FMR in Colorado is $1,375, so ZIP 80840 is 58% above it.
FY 2027 rent by bedroom
FY 2027 fair market rent by bedroom for 80840
Bedrooms
FY 2026
FY 2027
Change
90–110% range
Studio
$1,600
$1,510
−5.6%
$1,359–$1,661
1BR
$1,960
$1,850
−5.6%
$1,665–$2,035
2BR
$2,320
$2,170
−6.5%
$1,953–$2,387
3BR
$3,230
$3,000
−7.1%
$2,700–$3,300
4BR
$3,670
$3,450
−6.0%
$3,105–$3,795
Fair market rent history, FY 2023–2027
Fair market rent by fiscal year for 80840
Fiscal year
Studio
1BR
2BR
3BR
4BR
FY 2027
$1,510
$1,850
$2,170
$3,000
$3,450
FY 2026
$1,600
$1,960
$2,320
$3,230
$3,670
FY 2025
$1,640
$1,980
$2,390
$3,350
$3,830
FY 2024
$1,630
$1,930
$2,380
$3,350
$3,950
FY 2023
$1,440
$1,670
$2,100
$2,980
$3,580
Two-bedroom rent in nearby El Paso County ZIP codes
How much will Section 8 pay for a two-bedroom in ZIP 80840?
Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With a two-bedroom FMR of $2,170, that basic range is $1,953 to $2,387 a month. The voucher pays the lower of the payment standard or the gross rent, minus the tenant's share, which is usually about 30% of adjusted monthly income. Confirm the local housing authority's current schedule before underwriting.
Which HUD fair market rent area is ZIP 80840 in?
ZIP 80840 is in the Colorado Springs, CO HUD Metro FMR Area. HUD requires Small Area FMRs in this area, so payment standards are set by ZIP code.
How much did fair market rent change in ZIP 80840 for FY 2027?
The two-bedroom FMR fell 6.5%, from $2,320 in FY 2026 to $2,170 in FY 2027. Since FY 2023 it has risen 3.3%.
When do FY 2027 fair market rents take effect?
HUD's FY 2027 fair market rents took effect on October 1, 2026. When FMRs change, housing authorities generally have up to three months to bring payment standards back within 90% to 110% of the new FMR.
Source: HUD FY 2027 Small Area Fair Market Rents and area FMRs. Payment-standard ranges are 90% to 110% of FMR, HUD's basic range, not a housing authority's published schedule. How payment standards are set