Location: Mora County, NM | Metro: Mora County, NM
| Unit Size | Monthly FMR |
|---|---|
| Studio | $810 |
| 1 Bedroom | $830 |
| 2 Bedrooms | $1,010 |
| 3 Bedrooms | $1,400 |
| 4 Bedrooms | $1,600 |
| 5 Bedrooms | $1,856 |
| 6 Bedrooms | $2,079 |
| 7 Bedrooms | $2,245 |
| 8 Bedrooms | $2,357 |
U.S. Census Bureau data (2024)
The Section 8 cap rate analysis for ZIP code 87713 reveals limited data, making it challenging to provide a comprehensive picture. The Fair Market Rent (FMR) for a two-bedroom apartment in the metropolitan area for fiscal year 2026 is set at $970 per month. To annualize this figure, we multiply by 12, yielding an annual rental income of $11,640.
The median home value in ZIP 87713 is not available, which means we cannot calculate the implied gross yield based on property value. However, if we were to consider the annualized FMR as the rental income, the lack of a median home value prevents us from determining a precise cap rate. In such cases, investors often rely on comparable properties or broader market trends to estimate values.
Given that the renter density in ZIP 87713 is 0.0%, it suggests a very low demand for rental housing under the Section 8 program. This low density implies that finding eligible tenants might be difficult, affecting the potential rental income. Additionally, the Days on Market (DOM) being N/A indicates incomplete data, which could suggest either a stable market with few transactions or a lack of relevant listings.
To derive a meaningful cap rate, we would need the median home value and a more accurate representation of market rents. Without these figures, the annualized FMR of $11,640 can only serve as a baseline for potential rental income. The absence of a median home value makes it impossible to calculate a cap rate, leaving investors without a clear benchmark for gross yields.
In conclusion, while the annualized FMR provides a starting point for potential rental income, the lack of critical data such as median home value and accurate market rent figures hinders a thorough cap rate analysis. The 0.0% renter density further complicates the scenario, suggesting that relying solely on Section 8 vouchers may not be financially viable for landlords and small-portfolio investors in ZIP 87713.
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.