Location: San Miguel County, NM | Metro: Mora County, NM
| Unit Size | Monthly FMR |
|---|---|
| Studio | $800 |
| 1 Bedroom | $900 |
| 2 Bedrooms | $1,060 |
| 3 Bedrooms | $1,460 |
| 4 Bedrooms | $1,660 |
| 5 Bedrooms | $1,926 |
| 6 Bedrooms | $2,157 |
| 7 Bedrooms | $2,330 |
| 8 Bedrooms | $2,447 |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 87742, set at $1,000 for the metro area fiscal year 2026, represents the payment standard landlords can expect from the Housing Choice Voucher program, commonly known as Section 8. This amount is not the rent you will charge your tenant; rather, it's the maximum subsidy amount the government will pay on behalf of eligible tenants.
To put this into perspective, the local median gross rent for ZIP 87742 is listed as N/A. The absence of specific local rent data suggests limited information might be available about typical rental prices in this area, which could mean the market is less competitive or there are fewer rentals overall.
The 0.0% renter share indicates that no households in this ZIP code are currently receiving Section 8 assistance. This low figure implies a potential opportunity for landlords willing to participate in the program, as there may be unmet demand from eligible tenants who have not yet secured vouchers.
When considering the acquisition cost of a property in this ZIP code, the median home value is $359,108. This figure is important because it helps you assess the investment required to enter the market and whether the potential income from Section 8 participants aligns with your financial goals.
A critical step before deciding to offer a property under Section 8 is to verify the condition of the property against the Housing Quality Standards (HQS). These standards ensure that the property meets basic safety and health requirements. While participating in Section 8 can provide a steady stream of income, failing to meet these standards can result in penalties and loss of voucher participation.
In summary, the FMR of $1,000 sets a benchmark for subsidy payments but does not reflect the local rental market dynamics. With a low renter share indicating possible demand and an acquisition cost of $359,108, the decision to enter this market should be made with a thorough understanding of the HQS requirements to ensure compliance and avoid any issues.
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.