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 | $940 |
| 1 Bedroom | $1,070 |
| 2 Bedrooms | $1,330 |
| 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: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $1,070 | $236,853 | 0.45% | F |
| 2BR | $1,330 | $298,009 | 0.45% | F |
| 3BR | $1,840 | $396,661 | 0.46% | F |
| 4BR | $2,160 | $620,979 | 0.35% | F |
U.S. Census Bureau data (2024)
The ZIP code 87104 in Albuquerque, NM, is characterized by a significant rental population. With 34.7% of residents being renters, this area has a notable demand for rental housing. The total population of 12,853 suggests that there is a substantial number of potential tenants who might be looking for affordable housing options.
The median household income in this ZIP code is $75,436, which provides context for the affordability of housing. The market rent of $1,357 represents approximately 17.9% of the median income when calculated on an annual basis. This percentage indicates that while rent is a considerable expense, it remains manageable for many households given their income levels.
Comparing the market rent to the Fair Market Rent (FMR), which is set at $1,190 for FY 2024, shows that the market rent is higher by about $167. This difference highlights that landlords may need to consider the FMR when setting rents for Section 8 eligible tenants, as it can affect the amount of subsidy received per unit.
In terms of the tenant profile, landlords in ZIP 87104 should expect a mix of working-class individuals and families who rely on Section 8 vouchers to afford housing. These tenants are likely to have incomes below the median, making the voucher program essential for securing housing at the prevailing market rates.
The presence of a sizeable rental market in 87104 means there is deep voucher demand. Landlords can benefit from the steady flow of tenants seeking subsidized housing, but they must also be prepared to adhere to the regulations and requirements of the Section 8 program. This includes maintaining properties to certain standards and dealing with the Housing Authority for the administration of the voucher program.
To summarize, ZIP 87104 is a renter-heavy area with strong demand for Section 8 vouchers. The typical rent consumes about 17.9% of the median local income, which is slightly above the FMR. Landlords should anticipate a diverse tenant base, primarily composed of lower-income individuals and families who require financial assistance to cover their housing costs.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-08-31). 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.