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 ZIP code 87063 is situated in a rural area of New Mexico, characterized by a small, tight-knit community of just 265 residents. This neighborhood is predominantly owner-occupied, with only 11.8% of the population renting their homes. The median household income here stands at $72,721, indicating a relatively stable economic base for the area's inhabitants.
Despite the lack of specific data on median home values, it is evident that the real estate market in 87063 is skewed towards homeownership rather than rental properties. However, for those interested in the rental sector, the Fair Market Rent (FMR) for the fiscal year 2024 is set at $1030, which serves as a benchmark for rental rates in the area. Notably, there is no available data on the actual market rent, suggesting that the FMR might closely reflect the local rental landscape given the limited number of rental units.
When considering investment opportunities in 87063 through the lens of a Section 8 investor, two primary strategies emerge: hands-off voucher operation or hands-on value-add buying. Given the low percentage of renters and the absence of detailed market rent data, a hands-off approach using vouchers could be challenging due to the scarcity of potential tenants. Conversely, a hands-on strategy aimed at enhancing property value could be more rewarding, especially if the investor focuses on improving the few existing rental properties to meet the needs of the local population.
A hands-on investor would likely find success by identifying underutilized properties and applying targeted renovations to increase their appeal and marketability. This approach would require active management and a deep understanding of the local housing market dynamics, but it could lead to higher returns over time as the investor builds a reputation for quality rentals in an area where such offerings are scarce.
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.