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)
When considering whether to invest in ZIP code 87566 for Section 8 properties, follow this decision tree:
1) Does FMR $970 (metro FY 2026) clear debt service on a N/A property?
If you can find a property where the Fair Market Rent (FMR) of $970 covers the total debt service, then the answer is yes. However, without specific property costs, it's challenging to provide a definitive answer. Ensure that the FMR of $970 exceeds your mortgage payments, insurance, maintenance, and other expenses.
2) Is market rent $743 (Census ACS) above, at, or below FMR?
The market rent in ZIP 87566 is $743 according to the Census ACS data, which is below the FMR of $970. This suggests that landlords who accept Section 8 vouchers could potentially receive higher rents compared to the local market rates. Therefore, the answer is yes, as long as you're prepared to accept the Section 8 voucher amount.
3) Are 19.7% renters + N/A-day DOM enough demand?
The percentage of renters in ZIP 87566 is 19.7%, indicating a moderate level of rental demand. The average number of days on the market (DOM) is not specified, making it difficult to assess the exact demand dynamics. However, if the DOM is relatively low, it suggests strong demand for rentals. If the DOM is high, it implies weaker demand. Therefore, the answer depends on the actual DOM figure.
If all conditions align—FMR covering debt service, market rent being lower than FMR, and a reasonable DOM—then investing in ZIP 87566 for Section 8 properties would be favorable. The FMR of $970 provides a clear benchmark for assessing the financial viability of potential investments. Given the market rent of $743, accepting Section 8 vouchers would likely increase your rental income over what you might otherwise receive.
To make an informed decision, landlords must also consider factors such as the property's condition, location, and the overall cost of acquisition. Additionally, understanding the local housing market trends and the availability of Section 8 vouchers is crucial.
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.