Location: Socorro County, 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 87062 presents an interesting scenario for both renters and landlords. The median income for households in this area stands at $20,539, which significantly impacts the ability of residents to afford market-rate rents. Given the absence of specific market-rate data for this ZIP, we must rely on the voucher payment standard to gauge affordability.
The Fair Market Rent (FMR) set for ZIP 87062 in fiscal year 2024 is $1030. This figure represents the maximum amount that a housing voucher will cover for rental costs. Considering the median income, it becomes evident that many residents would struggle to pay even this subsidized rate without assistance, highlighting a notable affordability gap.
The population of ZIP 87062 is 1,922, with a reported 0.0% of renters. This statistic suggests that the majority of the residents are homeowners, indicating a low demand for rental properties. Such a low rental market presence means that landlords face minimal competition when offering units for rent.
For landlords considering their strategy between accepting vouchers versus seeking cash-paying tenants, the data points to a clear path. Given the high proportion of residents likely requiring financial assistance due to the median income level, landlords should expect that many potential tenants will be reliant on vouchers. Accepting vouchers, despite the lower guaranteed payment of $1030, ensures a steady stream of income and occupancy in a market where finding willing and able cash-paying tenants could be challenging.
The takeaway for landlords is that while the voucher payment might seem modest, it aligns well with the financial capabilities of the local population. Landlords who are flexible and willing to accept vouchers will have a competitive edge in attracting tenants in ZIP 87062. This approach is particularly strategic given the low percentage of renters and the overall economic conditions of the area.
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.