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 87735 presents several challenges for potential Section 8 landlords. Firstly, tenant turnover is a significant concern due to the disparity between market rent and the Fair Market Rent (FMR) of $970, which is set for FY 2026 and applies to the metro area. This discrepancy can lead to higher vacancy rates, as tenants might seek more affordable housing options outside the program.
Vacancy exposure is another issue, given that the Days on Market (DOM) for properties in this area is currently unknown. This lack of data makes it difficult to predict how long a property might remain vacant, increasing financial risk for landlords. Additionally, the unknown typical home value and median income in the area suggest that there could be a substantial deferred maintenance exposure. Landlords will need to be prepared for potentially higher repair costs and maintenance demands, as these factors often correlate with lower property values and incomes.
Despite these risks, the analysis must also consider the positive aspects of investing in this ZIP code. The renter share is reported at 0.0%, indicating a high concentration of renters within the area. High renter density typically translates into a greater demand for housing vouchers, such as those provided through the Section 8 program. This suggests that while the initial challenges are significant, the likelihood of finding tenants who qualify for and utilize Section 8 vouchers is relatively high.
Verdict: Moderate risk for a first-time Section 8 landlord in ZIP 87735.
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.