What HUD offices serve Parachute, Colorado?
Public Housing Agencies operate federally assisted affordable housing programs at local levels on behalf of HUD. Notably, housing agencies are responsible for managing Section 8 Housing Choice Voucher, Public Housing, and Project-Based Voucher waiting lists within their jurisdiction.
Go to the Colorado Public Housing and Low-Income Apartments Waiting Lists page for openings near Parachute.
How many renters live in Parachute, Colorado?
The City of Parachute has 1,555 people living in 524 households.
There are 939 renters living in 267 renter households in this City. Renters make up 60.39 percent of the population living in Parachute.
What is the rental market like in Parachute, Colorado?
There are an estimated 580 housing units in the Parachute area. Of these, 303 units are rental homes, making up 52 percent of the housing market. For every renter household in Parachute, Colorado, there are 1 rental units.
What is the vacancy rate for rentals in Parachute?
The rental vacancy rate in Parachute is 9 percent. This is a higher than average vacancy rate. When rental vacancy rates are high it means that there are a lot of available units and rents tend to be lower.
How many rental units are in Parachute for each bedroom size?
Occupied Rental Units by Size in Parachute
| Studio | One-Bedroom | Two-Bedroom | Three-Bedroom | Four+ Bedrooms |
|---|---|---|---|---|
| 0 | 5 | 160 | 99 | 3 |
Occupied Rental Units by Size in Parachute
A large number of apartments in Parachute 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 Parachute are overburdened by housing costs?
Among renter households in this market, 37 percent have housing cost burden. Further, 12 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 Parachute
Depending on size, the Fair Market Rent - HUDs measurement of the cost of an average housing unit - ranges from $1,162 to $2,438. FMRs are updated annually by HUD for every city and county nationwide.
| Bed Size | 2024 Fair Market Rents |
| Studio | $1,162 |
| One BR | $1,170 |
| Two BR | $1,537 |
| Three BR | $2,166 |
| Four BR | $2,438 |
2024 Fair Market Rents in Parachute, Colorado
How many units are rented at Fair Market Rent (FMR) in Parachute?
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 |
| One BR | 5 | 100 percent |
| Two BR | 156 | 98 percent |
Rental Units Below FMR in Parachute, Colorado
How many affordable rental units are in Parachute?
There are a variety of federal affordable housing programs serving households in Parachute, Colorado including the following:
| Federal Program | Unit Count |
| USDA Section 515 Rural Rental Housing | 12 |
Tracked Units by Federal Program in Parachute, Colorado
Rental units may be funded in part by multiple federal programs.
Income Based Apartments in Parachute, Colorado
Parachute features 12 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 Parachute, Colorado
There are 0 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Parachute.
Housing Choice Vouchers in Parachute, Colorado
On average, Section 8 Housing Choice vouchers pay Parachute landlords $700 per month towards rent. The average voucher holder contributes $400 towards rent in Parachute.
The maximum amount a voucher would pay on behalf of a low-income tenant in Parachute, Colorado for a two-bedroom apartment is between $1,383 and $1,691.
Sourced from federal housing data and AffordableHousingOnline.com research.
