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El Paso County/Colorado Springs/80938

80938

ZIPSAFMR
El Paso County, CO
Zillow

ZIP Investment Score

65Below average

095130300
BRFMR
Eff. Rent
0 BR$1,530$1,670
1 BR$1,870$1,910
2 BR$2,200$2,010
3 BR$3,050$2,300
4 BR$3,500$2,500
5 BR$4,025Not available
6 BR$4,629Not available
7 BR$5,323Not available
8 BR$6,122Not available

Purchase Price Calculator

Maximum purchase price
$236,769

Cost breakdown

+Likely effective rent$2,010
HUD FMR$2,200
Market rentUsed$2,010
Est. payment standard (94%)$2,080
-Principal and interest-$1,197
Loan amount$189,415
Down payment$47,354
Rate6.50%
Term30 years
-Operating costs-$613
Property taxes-$237
Insurance-$175
Utilities$0
HOA$0
Management-$201
=Target cash flow+$200
Calculation mode

Hold period projections

Annual appreciation rate
3-year hold
+$32,192(68.0% ROI)
Projected value
$254,974
Return breakdown
Property appreciation+$18,205
Loan principal paid down+$6,786
Rental cash flow+$7,200
5-year hold
+$55,215(116.6% ROI)
Projected value
$267,882
Return breakdown
Property appreciation+$31,113
Loan principal paid down+$12,102
Rental cash flow+$12,000
10-year hold
+$119,152(251.6% ROI)
Projected value
$303,084
Return breakdown
Property appreciation+$66,315
Loan principal paid down+$28,836
Rental cash flow+$24,000

Public Housing Authority

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Rolodex

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Market Alignment

Studio
0.88
1 BR
0.97
2 BR
1.09
3 BR
1.33
4 BR
1.40
0.701.001.30aligned range
Historical
FY 2023-2027
FMR
FY2027
Market rent
last ~365 days
Property value
--
Tax rate
--
Mortgage rate
--

ZIP 80938 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 80938 (Colorado Springs, CO) is $2,200 a month. That is down 7.9% from $2,390 in FY 2026. Colorado Springs 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, 80938 has the 4th-highest two-bedroom rent (county range $1,010–$2,430). The median county two-bedroom FMR in Colorado is $1,375, so ZIP 80938 is 60% above it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 80938
BedroomsFY 2027Change90–110% range
Studio$1,530−6.7%$1,377–$1,683
1BR$1,870−7.0%$1,683–$2,057
2BR$2,200−7.9%$1,980–$2,420
3BR$3,050−8.1%$2,745–$3,355
4BR$3,500−7.2%$3,150–$3,850

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 80938
Fiscal yearStudio1BR2BR3BR4BR
FY 2027$1,530$1,870$2,200$3,050$3,500
FY 2026$1,640$2,010$2,390$3,320$3,770
FY 2025$1,710$2,060$2,490$3,490$3,990
FY 2024$1,690$2,000$2,470$3,480$4,090
FY 2023$1,470$1,700$2,140$3,040$3,640

Two-bedroom rent in nearby El Paso County ZIP codes

FY 2027 two-bedroom Small Area FMR by ZIP code
ZIP code2 bedroomvs. 80938
80928$1,640−25.5%
80929$2,110−4.1%
80930$2,050−6.8%
80931$1,620−26.4%
80932$1,620−26.4%
80933$1,620−26.4%
80934$1,620−26.4%
80935$1,620−26.4%
80936$1,620−26.4%
80937$1,620−26.4%
80938Current$2,200—
80939$2,090−5.0%

Questions about ZIP 80938 rents

How much will Section 8 pay for a two-bedroom in ZIP 80938?

Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With a two-bedroom FMR of $2,200, that basic range is $1,980 to $2,420 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 80938 in?

ZIP 80938 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 80938 for FY 2027?

The two-bedroom FMR fell 7.9%, from $2,390 in FY 2026 to $2,200 in FY 2027. Since FY 2023 it has risen 2.8%.

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

County fair market rentColorado Springs, CO fair market rentCO statewide rentsWhat is SAFMR?Data sources