Section 8 Fair Market Rent (FMR) for ZIP 87743 - 2027

Location: Union County, NM | Metro: Harding County, NM

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$840
1 Bedroom	$870
2 Bedrooms	$1,060
3 Bedrooms	$1,450
4 Bedrooms	$1,660
5 Bedrooms	$1,926
6 Bedrooms	$2,157
7 Bedrooms	$2,330
8 Bedrooms	$2,447

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

475

Median Household Income

$44,766

Housing Units

309

Renter Percentage

25.1%

Occupancy Rate

63.1%

Renter Occupied

The ZIP code 87743, located in New Mexico, is characterized by a modest-sized rental market with opportunities for landlords and small-portfolio investors. The area offers insights into the local housing dynamics through various metrics that can inform investment decisions.

The Fair Market Rent (FMR) for the metro area in fiscal year 2026 is set at $1,050, providing a benchmark for rental pricing.
The actual market rent, as reported by the Census American Community Survey (ACS), stands at $1,063, indicating a slight premium over the FMR in the local market.
The median home value is not available for ZIP 87743, suggesting that the area might be predominantly rental-focused or has limited data on homeownership values.
Renters make up 25.1% of the population, showing a significant portion of the community relies on rental properties for housing.
The median income in the area is $44,766, which gives landlords an idea of the financial capacity of potential tenants.
The Days on Market (DOM) data is not available, making it difficult to assess how quickly rental properties are typically filled in this area.

Investors considering the ZIP code 87743 should note the alignment between the Fair Market Rent and actual market rent, indicating a stable pricing environment. With a median income of $44,766, there's a reasonable tenant pool capable of meeting the average rent. However, the absence of median home value and DOM data points suggests a need for further localized research to fully understand the property turnover rate and the overall health of the homeownership market. Despite these gaps, the 25.1% renter share signals a solid demand for rental properties, making this area a viable option for those looking to enter or expand their real estate portfolio in the region.

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.