Location: Rio Arriba County, NM | Metro: Rio Arriba County, NM
| Unit Size | Monthly FMR |
|---|---|
| Studio | $820 |
| 1 Bedroom | $830 |
| 2 Bedrooms | $1,010 |
| 3 Bedrooms | $1,400 |
| 4 Bedrooms | $1,610 |
| 5 Bedrooms | $1,868 |
| 6 Bedrooms | $2,092 |
| 7 Bedrooms | $2,259 |
| 8 Bedrooms | $2,372 |
U.S. Census Bureau data (2024)
The ZIP code 87012 presents several challenges for landlords considering Section 8 investments. Tenant turnover is a significant concern due to the discrepancy between the market rent and the Fair Market Rent (FMR) of $970 for fiscal year 2026, which is set based on the metropolitan area. This difference can lead to tenants seeking higher-value properties that better match their financial expectations, increasing the likelihood of frequent turnover.
Vacancy exposure is another issue. With a typical number of days on the market (DOM) being unavailable, it's difficult to gauge how long properties might remain vacant. However, given the economic context of the area, where the median income stands at $36,303, there may be limited financial resources available for tenants to cover additional costs or maintain homes to a high standard, leading to potential deferred maintenance issues.
Despite these risks, the ZIP code has a 0.0% renter share, indicating an extremely low concentration of renters. While this typically suggests lower demand for rental housing, it also implies a reduced competition for Section 8 vouchers. In such a scenario, landlords who can offer suitable and well-maintained properties may find themselves with a steady stream of tenants, minimizing some of the risks associated with vacancy and maintenance.
Verdict: Moderate risk for a first-time Section 8 landlord.
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.