Location: Farmington, NM | Metro: Farmington, NM MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $800 |
| 1 Bedroom | $800 |
| 2 Bedrooms | $1,010 |
| 3 Bedrooms | $1,410 |
| 4 Bedrooms | $1,530 |
| 5 Bedrooms | $1,775 |
| 6 Bedrooms | $1,988 |
| 7 Bedrooms | $2,147 |
| 8 Bedrooms | $2,254 |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 87455 in fiscal year 2024 is set at $880. This figure represents the maximum amount that a landlord can charge for rent under the Section 8 program. It's important to note that this is not the actual rent you will receive; it is the payment standard used by the Housing Choice Voucher program to determine the maximum rent subsidy.
In comparison, the average rent for the area based on Census ACS data is $643. This indicates that the FMR is higher than the typical market rent, which could be beneficial for landlords participating in the Section 8 program. The difference between these two figures means that landlords can potentially charge a higher rent compared to the local average without exceeding the FMR limit.
The renter share in ZIP 87455 is 21.8%, suggesting a moderate demand for rental properties. This percentage shows the proportion of households that rent rather than own their homes, indicating that there is a reasonable number of potential tenants who might benefit from the Section 8 program.
Regarding the acquisition cost of properties, the data provided is marked as N/A. This means that specific costs for acquiring rental properties in ZIP 87455 are not available. However, this does not necessarily mean that property acquisition is difficult or expensive; it simply means that the exact cost data is not accessible. Landlords should research local real estate markets independently to understand the costs involved in purchasing or developing rental units.
Before deciding to participate in the Section 8 program, one key verification step is essential: ensure that your property meets all the required standards and specifications set by the local housing authority. This includes passing a thorough inspection to confirm that the unit is safe, decent, and sanitary, as well as being up to code in terms of size, amenities, and condition. Compliance with these standards is mandatory for acceptance into the program and for maintaining eligibility throughout the lease term.
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.