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 economics of Section 8 housing in ZIP code 87052 operate under specific financial guidelines that can significantly impact a landlord's income. The SAFMR (Small Area Fair Market Rent) for a two-bedroom apartment in this ZIP code for fiscal year 2024 is set at $1120. This figure is crucial as it represents the maximum amount that the housing authority will reimburse a landlord for a unit rented to a Section 8 participant.
However, the local market rent for a similar two-bedroom property is much lower, standing at $734 according to Census ACS data. This discrepancy is important to understand when considering the actual reimbursement a landlord might receive. The SAFMR applies specifically to this ZIP code, meaning that the rate is tailored to reflect the rental market conditions here.
A landlord should be aware that the reimbursement from a Section 8 voucher is not simply the SAFMR amount. It includes the tenant's portion of the rent and utility allowances. Typically, the tenant is responsible for paying approximately 30% of their adjusted income towards rent. If we assume an average adjusted income for a tenant in this area, they would contribute around $220 towards the rent, which is calculated as 30% of a median income of roughly $734.
The utility allowance varies but is usually around $200-$300 per month. Therefore, a landlord could expect a total reimbursement of around $1120 for a two-bedroom unit, which includes both the tenant's contribution and the utility allowance.
To illustrate, if a tenant's contribution is $220 and the utility allowance is $250, the total reimbursement from the housing authority would be $1120. This means that the landlord receives the full SAFMR amount, even though the local market rent is lower.
Given these figures, there is typically a surplus for landlords renting out two-bedroom apartments under Section 8 in ZIP 87052. The difference between the SAFMR and the local market rent is about $386 per month, providing a substantial cushion above what a comparable non-voucher tenant might pay.
In summary, the economics of Section 8 in ZIP 87052 favor landlords, offering a reimbursement rate that exceeds the local market rent, thus ensuring a steady and reliable income stream above the typical market rates.
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.