Section 8 Fair Market Rent (FMR) for ZIP 87117 - 2027

Location: Albuquerque, NM | Metro: Albuquerque, NM MSA

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$990
1 Bedroom	$1,130
2 Bedrooms	$1,410
3 Bedrooms	$1,930
4 Bedrooms	$2,280
5 Bedrooms	$2,645
6 Bedrooms	$2,962
7 Bedrooms	$3,199
8 Bedrooms	$3,359

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

Median Household Income

$N/A

Housing Units

Renter Percentage

N/A

Occupancy Rate

N/A

Renter Occupied

The ZIP code 87117, located in New Mexico, is a region characterized by its blend of urban amenities and rural tranquility. This area offers potential for both residential and commercial real estate investments, particularly for those interested in the Section 8 housing market. The following analysis provides key insights into the rental and property values, as well as demographic and economic factors that influence investment decisions.

The Fair Market Rent (FMR) for ZIP 87117 in fiscal year 2024 is set at $1390. This figure represents the maximum amount that a Section 8 voucher holder can pay towards their monthly rent, ensuring a steady stream of tenants willing to pay up to this rate.
The median home value in the area is currently N/A, indicating a lack of comprehensive data on home prices. However, this does not necessarily reflect the overall attractiveness of the market for rental properties.
The percentage of residents who are renters in ZIP 87117 stands at N/A%, suggesting a significant portion of the population relies on rental housing. This statistic is crucial for understanding the demand for rental units.
The average Days on Market (DOM) for rental listings is N/A days. A lower DOM typically indicates a strong rental market where properties are quickly occupied, which could be beneficial for landlords looking to minimize vacancy periods.
The median household income in the area is N/A, which gives insight into the financial capacity of the local population to afford housing. Understanding the income levels helps in setting realistic rental prices and identifying potential tenant pools.
Market rent data for the area is currently N/A, making it challenging to compare the actual rental prices against the FMR. However, the FMR serves as a reliable benchmark for rental rates in subsidized housing markets.

In summary, ZIP 87117 presents a viable opportunity for real estate investors, especially those focused on the Section 8 housing market. With a defined FMR of $1390, there is a clear guideline for rental pricing that ensures a stable tenant base. While specific metrics such as median home value, renter share, and median income are not available, the strong demand indicated by the low DOM suggests a robust rental market. Investors should focus on properties that align with the FMR to maximize occupancy and ensure compliance with government housing programs.

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.