Location: Albuquerque, NM | Metro: Albuquerque, NM MSA
Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)
| 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 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $1,840 | $431,612 | 0.43% | F |
| 4BR | $2,160 | $492,650 | 0.44% | F |
U.S. Census Bureau data (2024)
The economics of Section 8 housing in ZIP code 87068 are straightforward. The SAFMR (Section 8 Area Fair Market Rent) for a two-bedroom apartment in this specific ZIP code for fiscal year 2024 is set at $1180. This figure represents the maximum amount that the Housing Choice Voucher program will pay for a two-bedroom rental unit in this area. However, it's important to note that the local market rent for a similar unit is significantly lower, running at an average of $907 according to the Census ACS.
A landlord participating in the Section 8 program should understand that the actual reimbursement they receive is calculated based on several factors:
To illustrate, if a tenant’s portion of the rent is $270, the voucher would cover the remaining $910 to reach the SAFMR of $1180. If the local market rent is below the SAFMR, such as $907, the voucher would still cover up to $1180 minus the tenant’s contribution, ensuring the landlord receives the full market rent plus any additional amount up to the SAFMR.
The typical reimbursement gap or surplus in ZIP 87068 for a two-bedroom unit is a surplus of $273 per month. This is because the SAFMR ($1180) exceeds the local market rent ($907), leaving landlords with a higher guaranteed payment compared to the standard market rate. Landlords should also be aware that utility allowances can provide further financial stability, though the exact amount depends on the specifics of the voucher and the tenant's needs.
This economic framework ensures that landlords in ZIP 87068 can rely on a stable income source that is often above the local market rate, making participation in the Section 8 program financially attractive despite the administrative requirements.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-07-31). 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.