Location: McKinley County, NM | Metro: McKinley County, NM
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,020 |
| 1 Bedroom | $1,210 |
| 2 Bedrooms | $1,480 |
| 3 Bedrooms | $1,780 |
| 4 Bedrooms | $1,960 |
| 5 Bedrooms | $2,274 |
| 6 Bedrooms | $2,547 |
| 7 Bedrooms | $2,751 |
| 8 Bedrooms | $2,889 |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 87375, as set by HUD for metro FY 2026, is $1,640. This figure represents the payment standard for Section 8 vouchers, which is the maximum amount that the government will pay toward your tenant's rent. It does not mean that you can charge $1,640 as rent; rather, it is the benchmark used to determine the subsidy amount.
To put this into perspective, the average rent in ZIP 87375, based on Census American Community Survey data, is $481. This suggests that the FMR is significantly higher than the typical market rate, potentially offering a better financial return for landlords participating in the Section 8 program.
The 5.0% renter share indicates that only 5% of the households in this area are renters. While this might suggest a smaller pool of potential tenants, it also implies less competition among landlords. The demand for rental properties in this area is relatively low, but the Section 8 program can help fill vacancies and provide steady income.
Note that the acquisition cost is listed as N/A, which means there is no specific data available on the cost of purchasing rental properties in this ZIP code. However, given the lower average rent compared to the FMR, landlords can expect to find properties at a price point that aligns with the potential subsidy income.
Before proceeding with your first Section 8 rental in ZIP 87375, verify that your property meets all the necessary housing quality standards (HQS). These standards ensure that the unit is safe, decent, and sanitary, and failing to meet them can result in reduced payments or even disqualification from the program.
In summary, the FMR of $1,640 provides a substantial subsidy compared to the local average rent of $481, making Section 8 an attractive option for landlords in ZIP 87375. With a low renter share, the demand for rental units is limited, but the program can help secure long-term tenants and consistent income.
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.