Location: San Miguel County, NM | Metro: Santa Fe, NM MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,160 |
| 1 Bedroom | $1,280 |
| 2 Bedrooms | $1,550 |
| 3 Bedrooms | $1,950 |
| 4 Bedrooms | $2,120 |
| 5 Bedrooms | $2,459 |
| 6 Bedrooms | $2,754 |
| 7 Bedrooms | $2,974 |
| 8 Bedrooms | $3,123 |
U.S. Census Bureau data (2024)
ZIP code 87573, located within San Miguel County, NM, presents a unique snapshot when compared to other ZIP codes in the same county. The Fair Market Rent (FMR) for ZIP 87573 in fiscal year 2024 is set at $1540. This figure serves as a benchmark for rental affordability and is crucial for understanding the economic landscape of the area.
However, the lack of data on market rent and home values for ZIP 87573 makes it challenging to provide a comprehensive comparison against typical ZIP codes within San Miguel County, NM. To fill this gap, we must rely on the available data points and infer accordingly.
The 33.3% renter share in ZIP 87573 is notably higher than the average for many ZIP codes in San Miguel County, which typically hover around 20-30%. This suggests that there is a significant portion of the population that relies on renting, possibly indicating a diverse demographic including families who might benefit from housing assistance programs such as Section 8.
Given the FMR of $1540, and assuming that the market rent is similar or slightly above this figure, ZIP 87573 could be considered a mid-tier neighborhood within its metro. It is neither the most expensive nor the least, but it aligns well with what is generally affordable for renters while still being profitable for landlords.
The high renter share combined with an FMR that is not exceptionally high might signal a potential sweet spot for Section 8 participation. Landlords in ZIP 87573 could find themselves in a position where they can attract tenants through the Section 8 program without significantly undercutting their profitability.
To make a more definitive assessment, it would be beneficial to have additional data points such as the median home value and market rent figures for ZIP 87573. These metrics would provide a clearer picture of how it stacks up against other ZIP codes within the metro and help determine if it is indeed a value pocket or a premium sub-market.
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.