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 thesis in ZIP code 87723 is centered around the disparity between the Fair Market Rent (FMR) and the actual market rent. As of the fiscal year 2026, the FMR stands at $970. However, the market rent for the area is currently listed as N/A, indicating a lack of recent data. This absence of market rent figures makes it challenging to quantify the exact gap in dollars and percentage terms.
In the context where the FMR exceeds the market rent, the potential for a yield play emerges. Landlords and small-portfolio investors can leverage the higher FMR to secure rental income that surpasses the local market rate, thereby increasing their returns on investment. Voucher tenants provide a stable and predictable income stream, which is particularly beneficial in areas with low renter concentration and limited market data.
Conversely, if the FMR were to be lower than the market rent, accepting housing voucher tenants would mean renting below open-market rates. This scenario could reduce profit margins but ensures occupancy and steady cash flow, which is critical in a market with sparse data and unknown volatility. The decision to participate in the Section 8 program should weigh the benefits of guaranteed tenants against the potential for higher yields from market-rate rentals.
The ZIP code 87723 has 0.0% of its population identified as renters, suggesting a predominantly owner-occupied area. With the median home value and median income both listed as N/A, there's insufficient data to fully assess the economic landscape and how it might affect rental investments. Despite these limitations, the FMR provides a benchmark for rental pricing, offering a structured approach to investment decisions in this area.
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.