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 Section 8 market analysis for ZIP code 87029 in Rio Arriba County, New Mexico, reveals key insights for landlords and small-portfolio investors. According to the Department of Housing and Urban Development (HUD), the Fair Market Rent (FMR) for the metro area in fiscal year 2026 is set at $970. However, the median market rent for ZIP 87029 is currently unavailable, making direct comparisons challenging.
The median home value in ZIP 87029 stands at $219,800, significantly lower than the national median value of $351,000. This disparity allows us to derive a rent-to-price ratio that indicates strong rental demand relative to homeownership costs. Voucher tenants will likely cashflow at the FMR level due to the lower median home values and potentially higher rental demand.
The data also shows that the days on market (DOM) for homes in Rio Arriba County is 86 days, indicating a moderately active market where properties do not remain unsold for extended periods. Additionally, the price cut share is not available, which suggests that sellers are generally not needing to reduce asking prices to attract buyers, further supporting the notion of a stable market.
In summary, for Section 8 investors targeting ZIP 87029, the primary angle is cashflow. With the FMR covering the majority of rental expenses and the relatively low median home values, investors can expect steady cashflow from voucher tenants.
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.