Location: Albuquerque, NM | Metro: Albuquerque, NM MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $960 |
| 1 Bedroom | $1,090 |
| 2 Bedrooms | $1,360 |
| 3 Bedrooms | $1,870 |
| 4 Bedrooms | $2,200 |
| 5 Bedrooms | $2,552 |
| 6 Bedrooms | $2,858 |
| 7 Bedrooms | $3,087 |
| 8 Bedrooms | $3,241 |
The ZIP code 87101, located in Santa Fe County, New Mexico, presents a unique scenario for real-estate investors and landlords interested in Section 8 housing. The area has a distinct profile with limited data available on resident count, rental percentage, median income, and median home value, indicating that this ZIP code might be less populated or have a specialized demographic.
Despite the lack of comprehensive data, the Fair Market Rent (FMR) for the zip code for fiscal year 2024 stands at $1200. This figure is crucial for understanding the economic viability of participating in the Section 8 program within this region. Given that the market rent data is also not available, the FMR can serve as a benchmark for setting reasonable rent prices for subsidized units, ensuring that landlords are compensated fairly while still providing affordable housing options to eligible tenants.
The voucher economics in ZIP 87101 suggest that landlords who participate in the Section 8 program will receive a fixed amount of $1200 per month for each unit leased under the program. This stability can be beneficial for long-term financial planning, especially when compared to the volatility often seen in the private rental market. However, the absence of comparative market rent data means that landlords must rely on local knowledge and other sources to gauge the competitiveness of their rental offerings.
Based on the available data, ZIP 87101 appears to be in a transitional phase. The lack of detailed statistical information points towards an evolving community where trends may not yet be well established. Landlords and investors should closely monitor local developments and engage with the community to understand potential shifts in demographics and housing demand.
To conclude, while ZIP 87101 offers a stable economic framework through the Section 8 program with its defined FMR, the overall data signature indicates a transitional environment. Investors should approach this ZIP code with a cautious optimism, leveraging the guaranteed income from vouchers while remaining adaptable to changes in the local housing market.
Data Sources: FMR data from HUD (2027).
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.