Section 8 Fair Market Rent (FMR) for ZIP 87001 - 2027

Location: Albuquerque, NM | Metro: Albuquerque, NM MSA

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$1,070
1 Bedroom	$1,220
2 Bedrooms	$1,510
3 Bedrooms	$2,050
4 Bedrooms	$2,390
5 Bedrooms	$2,772
6 Bedrooms	$3,105
7 Bedrooms	$3,353
8 Bedrooms	$3,521

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

3,560

Median Household Income

$68,547

Housing Units

1,118

Renter Percentage

9.7%

Occupancy Rate

92.3%

Renter Occupied

100

Housing Authorities Serving ZIP 87001

Housing Authority of the Village of Cuba (Cuba, NM)

The ZIP code 87001, located in Santa Fe, New Mexico, is a vibrant area rich in cultural heritage and natural beauty. It attracts both residents and tourists alike, making it a prime location for real estate investment. However, understanding the nuances of the rental market is crucial for landlords and small-portfolio investors.

The Fair Market Rent (FMR) for ZIP 87001 in fiscal year 2024 is set at $1030. This figure represents the maximum amount that can be charged for a unit under Section 8, providing a benchmark for rental pricing.
The median home value in the area stands at $397,176, indicating a relatively stable housing market where property values have held steady over time.
Renters make up 9.7% of the population in ZIP 87001, which is a low percentage compared to many urban areas, suggesting a preference for homeownership among local residents.
The median income in the region is $68,547, offering insight into the economic conditions and the ability of residents to afford higher rents or home values.
Due to limited data availability, the exact number of days on market (DOM) for rental properties is not provided. However, given the low renter share, competition for rentals may be less intense, potentially leading to shorter DOM periods.
The absence of current market rent data means that investors must rely on the FMR and other indicators to estimate the going rate for rental units in the area.

Synthesizing these points, ZIP 87001 presents a mixed opportunity for real estate investors. While the low renter share suggests a challenging environment for rental properties, the stable median home value and reasonable median income indicate that the overall market is steady. Investors should price their rental units close to the FMR of $1030 to remain competitive within the Section 8 program. Additionally, the scarcity of market rent data implies a need for thorough local research to understand the true rental landscape, ensuring that investments align with the actual demand and pricing trends in the area.

Data Sources: FMR data from HUD (2027). 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.