Location: Colfax County, NM | Metro: Colfax County, NM
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,020 |
| 1 Bedroom | $1,180 |
| 2 Bedrooms | $1,280 |
| 3 Bedrooms | $1,740 |
| 4 Bedrooms | $2,010 |
| 5 Bedrooms | $2,332 |
| 6 Bedrooms | $2,612 |
| 7 Bedrooms | $2,821 |
| 8 Bedrooms | $2,962 |
U.S. Census Bureau data (2024)
The median income in ZIP code 87718 stands at $58,462. Given the market rate of $894 for rental properties according to the Census ACS, it becomes evident that the average household would struggle to cover these costs comfortably without financial strain. This figure represents a significant portion of their monthly earnings, making it challenging for residents to maintain other essential expenditures.
In contrast, the Fair Market Rent (FMR) set at $1,330 for metro areas in fiscal year 2026 highlights a substantial affordability gap for local renters. This disparity between the actual market rate and the government-set FMR suggests that many households might find it more feasible to seek assistance through housing vouchers to manage their living expenses.
With only 12.5% of the 542-person population being renters, competition among landlords is likely to be fierce. The limited pool of potential tenants means that landlords must consider both the availability of voucher holders and the willingness of cash-paying renters to meet the higher market rates.
The takeaway for landlords is clear: focusing on accepting housing vouchers could provide a competitive edge in attracting and retaining tenants in ZIP 87718. While the voucher payment standard is higher at $1,330 compared to the market rate of $894, the strategy of accommodating voucher recipients ensures a steady stream of income and reduces the risk of vacancies due to the affordability challenges faced by local renters.
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.