Location: Albuquerque, NM | Metro: Albuquerque, NM MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,150 |
| 1 Bedroom | $1,310 |
| 2 Bedrooms | $1,630 |
| 3 Bedrooms | $2,240 |
| 4 Bedrooms | $2,640 |
| 5 Bedrooms | $3,062 |
| 6 Bedrooms | $3,429 |
| 7 Bedrooms | $3,703 |
| 8 Bedrooms | $3,888 |
U.S. Census Bureau data (2024)
The ZIP code 87151 presents an interesting case study for both renters and landlords alike. With a median income that is currently not available, it becomes challenging to assess the overall financial health and spending power of the typical household in this area. However, the market rate for rent is also listed as N/A, which means we must rely on other indicators to understand the rental landscape.
The Fair Market Rent (FMR) for ZIP 87151, as determined by the federal government for fiscal year 2024, is set at $1200. This figure serves as a benchmark for Section 8 voucher payments, indicating that a household receiving a voucher can expect to pay up to this amount towards their housing costs. Given that the actual market rate is not provided, it's crucial for landlords to consider how this $1200 voucher payment aligns with the local rental market dynamics.
In ZIP 87151, 1,261 people make up the total population, with a significant portion being renters. Although the exact percentage of renters is not specified, the number of residents implies a notable demand for rental properties. The affordability gap between the median income (which is currently unavailable) and the $1200 voucher payment suggests that many households might struggle to cover market rents without assistance. This creates a competitive environment for landlords who must decide whether to cater to voucher recipients or focus on cash-paying tenants.
For landlords, the takeaway is clear: given the reliance on Section 8 vouchers and the limited information on median income and market rates, positioning your property to accept vouchers could be a strategic advantage. It ensures a steady stream of tenants who can reliably meet their rent obligations, even if the monthly income is fixed at $1200. On the other hand, landlords who aim for higher rents should carefully evaluate the local market to ensure there is sufficient demand from households capable of paying above the voucher standard.
In conclusion, while the specifics of median income and market rates are lacking, the $1200 FMR provides a critical reference point. Landlords in ZIP 87151 should weigh the benefits of accepting vouchers against the potential for higher rents, considering the sizeable rental population and the likely need for affordable housing options.
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.