Location: McKinley County, NM | Metro: McKinley County, NM
| Unit Size | Monthly FMR |
|---|---|
| Studio | $820 |
| 1 Bedroom | $940 |
| 2 Bedrooms | $1,180 |
| 3 Bedrooms | $1,410 |
| 4 Bedrooms | $1,550 |
| 5 Bedrooms | $1,798 |
| 6 Bedrooms | $2,014 |
| 7 Bedrooms | $2,175 |
| 8 Bedrooms | $2,284 |
U.S. Census Bureau data (2024)
The ZIP code 87311, with a population of 4,659, has a notable 15.8% of residents who are renters. This indicates that while there is a significant portion of the population that rents, it is not overwhelmingly dominated by renters. The median household income in this area stands at $33,641, which provides a baseline for understanding the financial capabilities of potential tenants.
The market rent in this ZIP is $843, representing approximately 25% of the median household income. This suggests that the typical rent eats up a substantial portion of local residents' earnings, making affordability a critical concern for many. In comparison to the Fair Market Rent (FMR) set at $1,100 for fiscal year 2026, the actual market rent is lower, indicating that landlords could potentially offer competitive rates while still remaining below the FMR threshold.
The presence of Section 8 vouchers can be significant in areas where rental costs are a large percentage of income. Given that the market rent is well below the FMR, it implies that there could be a considerable number of vouchers available for use in this ZIP code. However, the relatively low proportion of renters means that landlords should not solely rely on Section 8 tenants but should consider attracting a mix of voucher holders and other renters who might have varying income sources or financial situations.
A landlord in ZIP 87311 should anticipate a tenant pool that is financially sensitive due to the high cost of rent relative to income. Tenants will likely be looking for affordable housing options, and those who qualify for Section 8 vouchers will be a part of this pool. Additionally, landlords must be prepared to manage tenants whose primary source of rent payment is through government assistance programs, requiring them to navigate the administrative processes associated with these vouchers.
To summarize, while 87311 is not heavily dominated by renters, it does present opportunities for landlords to attract tenants using Section 8 vouchers, given the alignment between market rent and local incomes. Landlords should focus on maintaining properties that meet the standards required for voucher acceptance and be ready to work with tenants who require financial assistance to afford their living space.
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.