Location: Santa Fe, NM | Metro: Santa Fe, NM MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,260 |
| 1 Bedroom | $1,420 |
| 2 Bedrooms | $1,740 |
| 3 Bedrooms | $2,140 |
| 4 Bedrooms | $2,290 |
| 5 Bedrooms | $2,656 |
| 6 Bedrooms | $2,975 |
| 7 Bedrooms | $3,213 |
| 8 Bedrooms | $3,374 |
1540 is the Fair Market Rent (FMR) for ZIP code 87574 in Unknown, NM, for fiscal year 2024. This figure represents the maximum amount a landlord can charge for a Section 8 rental unit. However, the lack of available data on market rent, median home value, and other key metrics such as the percentage of renters, median income, days on market (DOM), and the share of price cuts makes it challenging to provide a comprehensive analysis. The absence of these critical data points suggests either limited housing market activity or insufficient reporting. Despite this, the 1540 FMR stands as a reliable benchmark for rental pricing in the area. For landlords and small-portfolio investors, adhering to the 1540 FMR ensures compliance with HUD guidelines while potentially maximizing rental income within legal limits. The unknown factors regarding the local housing market dynamics imply that investors must conduct thorough due diligence beyond the provided numbers to assess potential risks and returns. Given the scarcity of detailed market data, reliance on the 1540 FMR is advised until more comprehensive information becomes available. In conclusion, for ZIP code 87574, the Section 8 program offers a clear rental rate guideline at 1540, but additional research is necessary for informed investment decisions.
Data Sources: FMR data from HUD (2027).
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.