Location: Albuquerque, NM | Metro: Albuquerque, NM MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $970 |
| 1 Bedroom | $1,120 |
| 2 Bedrooms | $1,380 |
| 3 Bedrooms | $1,920 |
| 4 Bedrooms | $2,260 |
| 5 Bedrooms | $2,622 |
| 6 Bedrooms | $2,937 |
| 7 Bedrooms | $3,172 |
| 8 Bedrooms | $3,331 |
U.S. Census Bureau data (2024)
The ZIP code 87060 presents a unique scenario for both renters and landlords due to limited data on median income and market rental rates. However, with the Fixed Monthly Rent (FMR) set at $1180 for fiscal year 2024, we can draw some conclusions about the local rental market dynamics.
Despite the lack of specific figures for median income and market rate, the high percentage of renters—100.0%—indicates a strong demand for rental housing in this area. This statistic alone suggests that there is a significant number of individuals and families who rely solely on renting their homes, creating a competitive environment for landlords.
The affordability gap becomes apparent when comparing the FMR of $1180 to the unknown median income. Without concrete income data, it is reasonable to infer that households might struggle to meet higher market rates if they exist. Therefore, the voucher payment standard serves as a crucial benchmark for affordability, ensuring that low-income households can find suitable accommodation.
In such a densely rented area with only ten residents, landlords must consider the strategic advantages of accepting vouchers versus relying on cash-paying tenants. Accepting vouchers guarantees a steady stream of income at a fixed rate, reducing the risk of non-payment and providing a reliable source of revenue. On the other hand, cash-paying tenants might offer higher rents, potentially increasing profit margins.
The takeaway for landlords: Given the high percentage of renters and the reliance on voucher programs, landlords in ZIP 87060 should be prepared to accept vouchers as part of their rental strategy. This approach ensures a stable tenant base and aligns with the financial realities faced by local households. However, landlords should also explore opportunities to attract cash-paying tenants willing to pay above the FMR, balancing between stability and potential higher returns.
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.