Location: Rio Arriba County, NM | Metro: Rio Arriba County, NM
| Unit Size | Monthly FMR |
|---|---|
| Studio | $820 |
| 1 Bedroom | $830 |
| 2 Bedrooms | $1,010 |
| 3 Bedrooms | $1,400 |
| 4 Bedrooms | $1,610 |
| 5 Bedrooms | $1,868 |
| 6 Bedrooms | $2,092 |
| 7 Bedrooms | $2,259 |
| 8 Bedrooms | $2,372 |
U.S. Census Bureau data (2024)
The ZIP code 87537 stands out due to its unique combination of demographic and economic factors. With only 2,038 residents, it represents a small community where 21.3% of the population rents their homes. The median income for this ZIP is $48,228, indicating a middle-class area. However, the absence of data for median home value suggests that either there is limited homeownership data available or the majority of the population does not own homes, which aligns with the relatively high rental rate.
Moving into the specifics of Section 8 voucher economics, the Fair Market Rent (FMR) for the metro area in fiscal year 2026 is set at $970. This is significantly higher than the current market rent of $777, as reported by the Census Bureau's American Community Survey (ACS). This discrepancy means that landlords in ZIP 87537 can potentially charge higher rents through the Section 8 program compared to the current market rates, making it a financially attractive option for those willing to participate.
The data signature for ZIP 87537 reads as "stable." Despite the limited median home value data, the other metrics suggest a consistent community with steady income levels and a predictable housing market. The gap between the FMR and the actual market rent also indicates stability in the voucher system, providing a reliable income source for landlords who accept Section 8 tenants. This stability is crucial for small-portfolio investors looking for dependable returns without the volatility often seen in larger markets.
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.