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 87017 is not predominantly a renter-heavy area but rather a mix of homeowners and renters. With only 19.5% of the population renting, it indicates that the majority of residents own their homes. This is a key consideration for landlords and small-portfolio investors looking to understand the dynamics of the rental market in this area.
The median household income stands at $78,060, which is relatively high. However, without specific data on market rents, we cannot accurately determine the percentage of local income that goes towards typical rent. Despite this, we can compare the median income to the Fair Market Rent (FMR), which is set at $970 per month for fiscal year 2026 in the metropolitan area. Given the median income, tenants relying on Section 8 vouchers would likely represent a smaller portion of the total rental market.
To illustrate, let's assume a typical renter in this ZIP code pays around 30% of their income in rent, which is common for housing affordability guidelines. At $78,060, 30% of the annual income would be approximately $23,418, translating to about $1,951 per month. This is significantly higher than the FMR of $970, suggesting that landlords who accept Section 8 vouchers might find it challenging to compete with market rates unless they offer unique amenities or are located in particularly desirable areas.
The kind of tenant profile a landlord in 87017 should expect is someone who is financially responsible and possibly seeking affordable housing options. While the demand for Section 8 vouchers exists, it is not overwhelming due to the lower proportion of renters in the area. Landlords should prepare for a tenant pool that includes individuals and families who are looking for affordable living spaces and are willing to comply with the requirements of the Section 8 program.
In conclusion, while 87017 offers opportunities for landlords accepting Section 8 vouchers, the market is not dominated by voucher holders. The competition with market rents is strong, given the higher median income levels. Landlords should focus on providing quality housing that meets the needs of those seeking affordable options within a generally prosperous community.
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.