How many renters live in Monte Vista, Colorado?
The City of Monte Vista has 4,201 people living in 1,576 households.
There are 959 renters living in 501 renter households in this City. Renters make up 22.83 percent of the population living in Monte Vista.
What is the rental market like in Monte Vista, Colorado?
There are an estimated 1,780 housing units in the Monte Vista area. Of these, 501 units are rental homes, making up 28 percent of the housing market. For every renter household in Monte Vista, Colorado, there are 1 rental units.
What is the vacancy rate for rentals in Monte Vista?
The rental vacancy rate in Monte Vista is 0 percent. This is a lower than average vacancy rate. When rental vacancy rates are low there are fewer available units. Rents tend to be higher as more people compete for scarce housing.
How many rental units are in Monte Vista for each bedroom size?
Occupied Rental Units by Size in Monte Vista
| Studio | One-Bedroom | Two-Bedroom | Three-Bedroom | Four+ Bedrooms |
|---|---|---|---|---|
| 28 | 101 | 318 | 54 | 0 |
Occupied Rental Units by Size in Monte Vista
A large number of apartments in Monte Vista have two or fewer bedrooms. Seniors and young professionals especially may have more success finding an apartment that meets their needs.
How many renter households in Monte Vista are overburdened by housing costs?
Among renter households in this market, 28 percent have housing cost burden. Further, 4 percent of households are extremely rent overburdened. When renters pay too much for their housing, it leaves little money for other necessities like food, clothes, or medicine.
The federal government says that renters are cost-burdened if they pay more than a third of their monthly income for rent and utilities.
How Much Is Rent in Monte Vista
Depending on size, the Fair Market Rent - HUDs measurement of the cost of an average housing unit - ranges from $842 to $1,728. FMRs are updated annually by HUD for every city and county nationwide.
| Bed Size | 2024 Fair Market Rents |
| Studio | $842 |
| One BR | $843 |
| Two BR | $1,073 |
| Three BR | $1,297 |
| Four BR | $1,728 |
2024 Fair Market Rents in Monte Vista, Colorado
How many units are rented at Fair Market Rent (FMR) in Monte Vista?
Renters with a Section 8 Housing Choice Voucher must select a home that is at or below the area’s Fair Market Rent. Markets with a large share of units above FMR tend to have longer search times to find a qualified unit, while those with a large share of units below FMR tend to have more choices and shorter search times. The share below FMR can vary by size of unit, as shown in the table below.
These are the approximate number of units renting below the FMR in this market:
| Unit Size | Count of Units Below FMR | Percentage of Total Units Below FMR |
| Studio | 28 | 100 percent |
| One BR | 70 | 69 percent |
| Two BR | 309 | 97 percent |
Rental Units Below FMR in Monte Vista, Colorado
How many affordable rental units are in Monte Vista?
There are a variety of federal affordable housing programs serving households in Monte Vista, Colorado including the following:
| Federal Program | Unit Count |
| Low Income Housing Tax Credit | 59 |
| Section 8 Project-Based Rental Assistance | 61 |
| USDA Section 515 Rural Rental Housing | 221 |
Tracked Units by Federal Program in Monte Vista, Colorado
Rental units may be funded in part by multiple federal programs.
Income Based Apartments in Monte Vista, Colorado
Monte Vista features 278 income based apartments. Tenants of income based apartments typically pay no more than 30% of their income towards rent and utilities.
Low Rent Apartments in Monte Vista, Colorado
There are 0 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Monte Vista.
Housing Choice Vouchers in Monte Vista, Colorado
On average, Section 8 Housing Choice vouchers pay Monte Vista landlords $800 per month towards rent. The average voucher holder contributes $400 towards rent in Monte Vista.
The maximum amount a voucher would pay on behalf of a low-income tenant in Monte Vista, Colorado for a two-bedroom apartment is between $966 and $1,180.
Sourced from federal housing data and AffordableHousingOnline.com research.
