Section 8 Fair Market Rent (FMR) for ZIP 87185 - 2027

FY 2027 Fair Market Rent Rates

The ZIP code 87185, located in New Mexico, offers a unique opportunity for real-estate investors interested in Section 8 properties. This area is characterized by its rural setting, which can influence both the demand for affordable housing and the overall rental market dynamics.

• The Fair Market Rent (FMR) for ZIP 87185 for fiscal year 2024 is set at $1200. This figure represents the maximum amount that a landlord can charge for a Section 8 rental unit, ensuring affordability for low-income tenants.
• The market rent data for ZIP 87185 is currently unavailable, which makes it challenging to compare the FMR against the general rental market. This gap in information highlights the need for further research on local rental trends.
• The median home value in ZIP 87185 is also not available, indicating that there may be limited data on the sale prices of homes in this area. This could suggest a smaller market for home sales, potentially shifting focus towards rental investments.
• The percentage of residents who are renters in ZIP 87185 is unknown, making it difficult to gauge the proportion of the population that relies on rental housing. Understanding this statistic would provide insight into the potential demand for rental units.
• The Days on Market (DOM) for rental listings is not available, which typically indicates how quickly properties are leased in a given area. Without this data, it's hard to assess the speed at which rental properties are filled.
• The median household income for ZIP 87185 is not available, leaving uncertainty around the financial capabilities of potential tenants. This missing information is crucial for evaluating the economic health of the area and the viability of Section 8 programs.

In summary, ZIP 87185 presents a niche investment opportunity for those focused on Section 8 rentals, with a clear FMR benchmark at $1200. However, the lack of key data points such as market rent, median home values, and demographic indicators like renter share and median income, underscores the importance of conducting thorough local research before committing to investments. The absence of these figures suggests a less developed market, which might offer lower competition but requires careful consideration of the local economy and housing needs.

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.