Location: Santa Fe, NM | Metro: Santa Fe, NM MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,260 |
| 1 Bedroom | $1,420 |
| 2 Bedrooms | $1,740 |
| 3 Bedrooms | $2,140 |
| 4 Bedrooms | $2,290 |
| 5 Bedrooms | $2,656 |
| 6 Bedrooms | $2,975 |
| 7 Bedrooms | $3,213 |
| 8 Bedrooms | $3,374 |
ZIP code 87504 is located in Santa Fe, New Mexico. The neighborhood is predominantly rental-based, with 100% of housing units occupied by renters. Unfortunately, specific data points such as population, median income, and median home value are not available for this ZIP code.
The Fair Market Rent (FMR) for ZIP 87504 in fiscal year 2024 is set at $1540. While direct comparisons to market rents are challenging due to limited data, it is reasonable to assume that the FMR closely aligns with actual rental rates given the high percentage of renters.
For landlords and small-portfolio investors, ZIP 87504 presents an opportunity that is well-suited for hands-off voucher operators. The high concentration of renters suggests a stable demand for rental properties, particularly those that qualify for Section 8 assistance. However, the lack of detailed economic metrics makes it difficult to assess the potential for value-add investments. If more granular data becomes available, it could provide insights into whether the area supports a more active management strategy aimed at increasing property value and rental income.
Data Sources: FMR data from HUD (2027).
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.