Location: Rio Arriba County, NM | Metro: Farmington, NM MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $980 |
| 1 Bedroom | $1,010 |
| 2 Bedrooms | $1,310 |
| 3 Bedrooms | $1,660 |
| 4 Bedrooms | $1,820 |
| 5 Bedrooms | $2,111 |
| 6 Bedrooms | $2,364 |
| 7 Bedrooms | $2,553 |
| 8 Bedrooms | $2,681 |
U.S. Census Bureau data (2024)
The ZIP code 87419 is not a favorable area for landlords focusing on Section 8 tenants. With a population of 458, only 0.0% of residents are renters, indicating that this is predominantly a homeowner-dominated area rather than one with a high density of rental properties. The median household income stands at $21,007, which is significantly lower than the average market rent for the area, though specific market rent figures are not available.
To provide context, let's compare the median income to the Fair Market Rent (FMR) established by HUD for the fiscal year 2024, which is set at $1,120 for this ZIP. Given the low median income, it is evident that a substantial portion of the local income would be required to cover typical rents, even if they were at the FMR level. This suggests that many potential tenants would struggle to afford market-rate rents without assistance.
However, the scarcity of renters implies that there is limited demand for rental properties overall, and thus, fewer opportunities for landlords to benefit from Section 8 voucher holders. In an area where homeownership is the norm, landlords might find it challenging to attract and retain tenants who rely on housing vouchers.
The kind of tenant profile landlords in ZIP 87419 should expect includes individuals and families with very low incomes who are likely to depend heavily on government assistance such as Section 8 vouchers. These tenants will be looking for affordable housing options and may have limited financial resources beyond their voucher support. Landlords must be prepared to work closely with the local housing authority to ensure compliance with program requirements and to manage properties effectively in a niche market characterized by its reliance on subsidized housing.
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.