Location: Rio Arriba County, NM | Metro: Albuquerque, NM MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $960 |
| 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 Section 8 housing market in ZIP code 87046, located in Rio Arriba County, New Mexico, presents a unique opportunity for real-estate investors. The Fair Market Rent (FMR) set by the U.S. Department of Housing and Urban Development (HUD) for this area in fiscal year 2024 is $1480. This figure represents the maximum amount that voucher holders can pay toward their monthly rent.
However, the lack of specific data on the current market rent for ZIP 87046 makes it challenging to provide a precise comparison. Typically, market rents can vary significantly from the FMR, depending on the local real estate conditions. In some cases, market rents might be higher, which could mean that voucher tenants would only cashflow in premium units where the landlord negotiates a lower rent. Alternatively, if market rents are lower, voucher tenants could cashflow at the FMR or even marginally above it.
The median home value in ZIP 87046 is also not available, making it difficult to calculate the exact rent-to-price ratio. This ratio is important because it helps investors understand the relationship between rental income and property values, indicating potential buy-versus-rent dynamics. Without this data, we cannot fully assess how competitive renting is compared to buying in this area.
Similarly, the number of days on market (DOM) and the percentage of price cuts for homes in this region are not specified, which are crucial metrics for understanding the overall health and speed of the real estate market. These factors influence both rental and home purchase decisions, but without concrete numbers, we must rely on the FMR and any available market rent estimates to guide investment strategies.
In conclusion, the strongest investor angle in ZIP 87046 appears to be cashflow, given the established FMR of $1480. However, the actual performance will depend on the prevailing market rent and the ability to secure properties at a price point that aligns favorably with the HUD FMR. Investors should conduct thorough local market research to make informed decisions.
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.