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 87153, located in Unknown, NM, presents a unique challenge due to the lack of specific population and rental statistics. However, it is possible to analyze the potential demand for Section 8 tenants based on the available data.
The median household income in this area is unspecified, which makes direct comparisons difficult. Nonetheless, we can infer some insights from the Fair Market Rent (FMR) set at $1200 for FY 2024. This figure represents the maximum amount that a Section 8 voucher holder can use towards rent in this ZIP code. Given that the actual market rents are also not provided, we must consider the FMR as a benchmark for affordable housing.
Typically, Section 8 vouchers cover about 30% of a household's income, meaning that if the FMR is $1200, the average voucher holder’s income would be around $4000 per month, or $48,000 annually. This suggests that the tenant pool in 87153 will likely consist of individuals and families who fall below or near the poverty line, relying heavily on government assistance to secure housing.
In areas with higher percentages of renters, Section 8 vouchers often drive a significant portion of the rental market. The absence of a percentage of renters in 87153 means we cannot definitively state whether it is renter-heavy or dominated by homeowners. However, given the reliance on Section 8 vouchers, it is reasonable to assume there is a substantial renter base.
Landlords in 87153 should anticipate a high demand for properties that qualify under the Section 8 program. These properties must meet certain criteria, including being safe, decent, and sanitary, and they must not exceed the established FMR. The scarcity of specific rental data makes it challenging to calculate exactly how much of the local income goes into paying rent, but the general rule is that affordable housing options are crucial for this demographic.
To attract and retain Section 8 tenants, landlords need to understand the intricacies of the program, such as the requirement to undergo regular inspections and the process of submitting rent vouchers. They should also be prepared to work closely with the local housing authority to ensure compliance and smooth transactions.
The tenant profile in 87153 will primarily include low-income families, the elderly, and individuals with disabilities. Landlords should be ready to provide stable, affordable housing solutions to these groups, recognizing the importance of their role in supporting the community's most vulnerable members.
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.