Section 8 Fair Market Rent (FMR) for ZIP 87317 - 2027

Location: McKinley County, NM | Metro: McKinley County, NM

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$890
1 Bedroom	$1,050
2 Bedrooms	$1,270
3 Bedrooms	$1,530
4 Bedrooms	$1,690
5 Bedrooms	$1,960
6 Bedrooms	$2,195
7 Bedrooms	$2,371
8 Bedrooms	$2,490

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

1,753

Median Household Income

$53,589

Housing Units

519

Renter Percentage

40.6%

Occupancy Rate

95.4%

Renter Occupied

201

The ZIP code 87317, located in New Mexico, is characterized by a blend of rural charm and suburban comfort, making it an attractive location for both residents and investors. The area offers a mix of housing options, including single-family homes and rental properties, catering to diverse demographics.

Fair Market Rent (FMR): $1,410 - For fiscal year 2026, the FMR in the metro area of ZIP 87317 is set at $1,410, providing a benchmark for rental pricing that aligns with HUD guidelines.
Market Rent: $913 - According to Census ACS data, the average market rent in ZIP 87317 stands at $913, indicating a gap between actual rents and the HUD-recommended FMR.
Renter Share: 40.6% - A significant portion of the population in ZIP 87317 consists of renters, suggesting a robust demand for rental properties.
Median Income: $53,589 - With a median household income of $53,589, there is a solid economic base supporting the rental market.
Days on Market (DOM): N/A - Specific data on the days it takes for properties to sell is currently unavailable, which could imply either a steady sales pace or a lack of recent transactions.
Median Home Value: N/A - The median home value in ZIP 87317 is not available, possibly due to limited data on home sales in the area.

The analysis reveals a potential opportunity for investors interested in the rental market within ZIP 87317. Despite the lack of specific data on home values and DOM, the significant renter share and median income levels suggest a stable environment for rental investments. Landlords and small-portfolio investors can leverage the discrepancy between the FMR and market rent to adjust their pricing strategies accordingly, ensuring competitive yet profitable rates. This area's blend of affordability and demand makes it a viable option for those looking to enter or expand their investment portfolio in the rental sector.

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.