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 87551 presents several challenges for potential Section 8 landlords. Tenant turnover is a significant concern, as the market rent is not specified but the Fair Market Rent (FMR) for the area is set at $970 for fiscal year 2026, based on metro data. This can lead to fluctuations in occupancy rates and financial instability for landlords. Additionally, vacancy exposure is heightened due to the lack of data regarding the average days on market (DOM), which makes it difficult to predict how long properties might remain unoccupied. The risk of deferred maintenance is also present, given the unspecified typical home value and a median income of $35,896. Landlords should be prepared for tenants who may not have the financial capacity to cover maintenance costs beyond their rental obligations.
Despite these risks, the analysis must consider the 0.0% renter share in the area, which is unusually low. Typically, higher renter density correlates with greater demand for housing vouchers, suggesting that while the overall number of renters is minimal, the demand for Section 8 units could still be substantial relative to the size of the renting population. This indicates that landlords might find a niche market for Section 8 properties, especially if they can offer well-maintained and affordable housing options.
Verdict: Moderate risk for a first-time Section 8 landlord.
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.