Location: Albuquerque, NM | Metro: Albuquerque, NM MSA
| 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 |
U.S. Census Bureau data (2024)
The ZIP code 87024 is situated in a suburban area of Rio Rancho, New Mexico. This neighborhood is characterized by a modest population size of 2,692 residents, with 20.6% of them being renters. The median household income in this area stands at $60,727, which is relatively strong and suggests a stable economic environment. The median home value in ZIP 87024 is $356,599, indicating a middle-class residential setting where homeownership is common but not excessively expensive.
Moving into the specifics of rental economics, the Fair Market Rent (FMR) for ZIP 87024 for fiscal year 2024 is set at $1,480. However, the actual market rent, according to the Census Bureau's American Community Survey (ACS), is significantly lower at $992. This discrepancy between the FMR and the market rent can be advantageous for landlords and small-portfolio investors who can leverage the higher voucher amounts to cover costs and potentially generate a profit.
Given these factors, ZIP 87024 is well-suited for both hands-off voucher operators and hands-on value-add buyers. For hands-off operators, the difference between the FMR and market rent provides a buffer that ensures consistent cash flow without the need for active property management. On the other hand, for value-add buyers looking to improve properties and increase rents, the current market conditions offer an opportunity to invest in upgrades and still remain competitive within the rental market. The combination of a stable local economy and the potential for higher rents through government assistance makes this ZIP code a viable option for various investment strategies.
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.