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 ZIP code 87722 is primarily a homeowner-dominated area with only 2.6% of the population being renters. This indicates that there is not a heavy concentration of potential Section 8 tenants in this area. The median household income for this ZIP code is $53,687, which suggests that even among the smaller renter population, there may be limited demand for housing vouchers.
To further understand the impact on rental markets, it's important to compare the median income to the typical market rent. Unfortunately, the specific market rent figures for ZIP 87722 are not provided. However, we can use the Fair Market Rent (FMR) as a benchmark. The FMR for the area is $970 per month, which is set for fiscal year 2026 and applies to the metro region.
If we assume the typical market rent aligns closely with the FMR, then the average rent would consume approximately 18.1% of the median household income. This is calculated by dividing the FMR ($970) by the median household income ($53,687), then multiplying by 12 months and 100 to convert to a percentage. Such a ratio implies that most households could afford typical market rents without needing a voucher.
Landlords in ZIP 87722 should expect a tenant profile that includes individuals and families who are likely employed and earning close to the median household income. These tenants may prefer to live in owner-occupied areas for various reasons such as proximity to certain amenities or employment opportunities. Given the low percentage of renters and the relatively high median income, landlords might find that their properties are less frequently sought after by those requiring housing assistance.
In summary, ZIP 87722 is not a prime location for targeting Section 8 tenants due to its predominantly owner-occupied nature and higher median income levels. Landlords should prepare for a tenant pool that is financially stable and potentially less reliant on housing vouchers.
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.