Location: Farmington, NM | Metro: Farmington, NM MSA
Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)
| Unit Size | Monthly FMR |
|---|---|
| Studio | $840 |
| 1 Bedroom | $850 |
| 2 Bedrooms | $1,110 |
| 3 Bedrooms | $1,540 |
| 4 Bedrooms | $1,660 |
| 5 Bedrooms | $1,926 |
| 6 Bedrooms | $2,157 |
| 7 Bedrooms | $2,330 |
| 8 Bedrooms | $2,447 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,110 | $205,343 | 0.54% | F |
| 3BR | $1,540 | $292,555 | 0.53% | F |
| 4BR | $1,660 | $360,387 | 0.46% | F |
U.S. Census Bureau data (2024)
The ZIP code 87413, located in Bloomfield, NM, stands out within San Juan County due to its unique demographic and economic characteristics. With a population of 14,296 residents, 26.8% of whom rent their homes, the area has a median income of $49,869 and a median home value of $252,788. These figures indicate a community that is somewhat dependent on rental housing but also shows a relatively balanced housing market.
In terms of Section 8 voucher economics, the Fair Market Rent (FMR) for ZIP 87413 in fiscal year 2024 is set at $930. This amount is notably lower than the current market rate of $1,020, as reported by the Census Bureau's American Community Survey (ACS). The difference between the FMR and the market rate suggests that landlords accepting Section 8 vouchers might see a slight decrease in rental income compared to the market average. However, it also implies that there is a margin for landlords who can offer competitive rates while still benefiting from the stability that government-backed rental assistance provides.
Evaluating the overall data signature of ZIP 87413, it appears to be stable rather than transitional. The relatively low percentage of renters and the modest median home values suggest a community where homeownership is prevalent and housing prices are not experiencing rapid fluctuations. While the disparity between FMR and market rates exists, the broader economic indicators point towards a steady environment, which could be beneficial for both landlords and small-portfolio investors looking for consistent returns.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-07-31). 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.