Location: Colfax County, NM | Metro: Colfax County, NM
| Unit Size | Monthly FMR |
|---|---|
| Studio | $810 |
| 1 Bedroom | $930 |
| 2 Bedrooms | $1,010 |
| 3 Bedrooms | $1,390 |
| 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 economics of Section 8 in ZIP code 87747 are defined by the SAFMR (Small Area Fair Market Rent) for a two-bedroom apartment, which is set at $970 per month for fiscal year 2026. This SAFMR represents the maximum amount that a Section 8 voucher can cover in this specific ZIP code. However, the local market rent for a similar unit, according to the Census ACS, averages $503 per month.
To understand what a landlord receives when a tenant uses a Section 8 voucher, consider the following breakdown:
Therefore, the total reimbursement a landlord can expect from a Section 8 voucher for a two-bedroom apartment is the sum of the tenant's payment and the utility allowance, which equals $600 ($450 + $150).
Given that the SAFMR for this ZIP code is $970, the difference between the SAFMR and the actual reimbursement to the landlord highlights the gap or surplus in the voucher program. In this case, the typical reimbursement falls short of the SAFMR by $370 per month ($970 - $600).
This means landlords in ZIP 87747 who participate in the Section 8 program for a two-bedroom unit will receive less than the SAFMR, but significantly more than the local market rent of $503. Thus, landlords can expect a surplus of $97 per month over the local market rent, making Section 8 participation financially viable despite not reaching the full SAFMR.
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.