Location: Colfax County, NM | Metro: Colfax County, NM
| Unit Size | Monthly FMR |
|---|---|
| Studio | $940 |
| 1 Bedroom | $1,080 |
| 2 Bedrooms | $1,180 |
| 3 Bedrooms | $1,600 |
| 4 Bedrooms | $1,850 |
| 5 Bedrooms | $2,146 |
| 6 Bedrooms | $2,404 |
| 7 Bedrooms | $2,596 |
| 8 Bedrooms | $2,726 |
The ZIP code 87749, located in Ute Park, New Mexico, has a small population of 67 people. The area has a low population density, with only 17 people per square mile. This makes it a predominantly rural neighborhood.
Regarding economic indicators, the estimated median household income in 2023 was $52,811, while the estimated median house or condo value in 2023 was $177,710. However, the latest data from sources such as the US Census Bureau and GreatData.com show that the median home value and median household income are currently listed as $0, which might be due to insufficient data points or recent changes in reporting.
Moving on to rent economics, the Fair Market Rent (FMR) for ZIP code 87749 is set at $1,190 for the fiscal year 2026. This figure represents the government's estimate for affordable rent in the area. Unfortunately, specific data on the current market rent is not available, making it difficult to compare against the FMR directly.
Given the limited data on population and economic indicators, ZIP code 87749 appears to be a suitable location for a hands-off Section 8 voucher operator. The area's small size and rural nature suggest that active management and value-add strategies may not yield significant returns. Instead, a passive approach focused on maintaining properties and collecting stable, government-backed rents would likely be more appropriate.
Data Sources: FMR data from HUD (2027).
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.