Location: Rio Arriba County, NM | Metro: Rio Arriba County, NM
| Unit Size | Monthly FMR |
|---|---|
| Studio | $850 |
| 1 Bedroom | $970 |
| 2 Bedrooms | $1,160 |
| 3 Bedrooms | $1,470 |
| 4 Bedrooms | $1,940 |
| 5 Bedrooms | $2,250 |
| 6 Bedrooms | $2,520 |
| 7 Bedrooms | $2,722 |
| 8 Bedrooms | $2,858 |
U.S. Census Bureau data (2024)
The ZIP code 87531 is not suitable for targeting Section 8 tenants due to its extremely low percentage of renters at 0.0%. This indicates that the area is predominantly composed of homeowners rather than renters, which means that there is little to no demand for rental properties using Section 8 vouchers. The lack of data on the median household income and market rent makes it difficult to provide a precise analysis of the affordability of housing in this area.
However, given that the median family income is not available, we can infer that the income levels in this ZIP code are likely below average compared to the broader metropolitan area. The Fair Market Rent (FMR) for the metro area is set at $970 per month for FY 2026, but without knowing the local market rent, it's impossible to calculate what percentage of local income this represents.
A landlord in ZIP 87531 should expect to encounter tenants who are primarily homeowners or those who have moved into the area and are renting temporarily. Due to the scarcity of renters, the likelihood of finding tenants who qualify for and utilize Section 8 vouchers is minimal. Landlords should focus on marketing strategies that appeal to non-voucher tenants, emphasizing qualities that attract short-term or transitional renters.
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.