Section 8 Fair Market Rent (FMR) for ZIP 87023 - 2027

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

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$910
1 Bedroom	$1,070
2 Bedrooms	$1,320
3 Bedrooms	$1,840
4 Bedrooms	$2,160
5 Bedrooms	$2,506
6 Bedrooms	$2,807
7 Bedrooms	$3,032
8 Bedrooms	$3,184

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

306

Median Household Income

$N/A

Housing Units

227

Renter Percentage

14.2%

Occupancy Rate

71.4%

Renter Occupied

The ZIP code 87023 is located in Rio Rancho, New Mexico, a rapidly growing suburban area just north of Albuquerque. Known for its mix of residential and commercial development, Rio Rancho offers a stable environment for real estate investment, particularly in rental properties.

The Fair Market Rent (FMR) for a two-bedroom apartment in ZIP 87023 for fiscal year 2024 is set at $1050.
Renters make up 14.2% of the housing market in this ZIP code, indicating a moderate demand for rental properties.
The median home value in the area is currently listed as N/A, which suggests limited recent sales data and could imply a less active market for homeownership.
Market rent data for the area is also marked as N/A, possibly due to insufficient listings or reporting. This makes the FMR a crucial reference point for rental pricing.
The median income figure for ZIP 87023 is N/A, which means that income levels among residents are not well documented, making it challenging to gauge the affordability of housing.
The Days on Market (DOM) for properties in this ZIP code is N/A, suggesting that there is either limited data available or the market is relatively inactive in terms of property turnover.

Investors looking to enter the rental market in ZIP 87023 should focus on properties priced around the Fair Market Rent, given the lack of specific market rent data. The moderate share of renters indicates steady but not overwhelming demand, and the absence of median home value and income data highlights the need for thorough local market research. Properties that align with the FMR and cater to the existing rental population can be a solid investment, though the exact pace of market activity remains unclear without DOM data.

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.