Location: Socorro County, NM | Metro: Socorro County, NM
| Unit Size | Monthly FMR |
|---|---|
| Studio | $810 |
| 1 Bedroom | $930 |
| 2 Bedrooms | $1,010 |
| 3 Bedrooms | $1,410 |
| 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 87828 stands out due to its unique demographic and economic characteristics. With a population of only 1,068 residents, it has a relatively low rental rate at 16.0%, suggesting that homeownership is prevalent among its inhabitants. However, the lack of data on median income and median home value makes it challenging to fully assess the financial stability of the area.
Turning to the voucher economics, the Fair Market Rent (FMR) for the metro area including ZIP 87828 for fiscal year 2026 is set at $970. This figure represents the maximum amount that landlords can charge tenants participating in the Section 8 program. The absence of market rent data means that we cannot directly compare the FMR to local rental rates, but it does provide a benchmark for affordable housing in the region.
Given the limited data available, the overall picture of ZIP 87828 is somewhat ambiguous. While the low rental rate and the presence of an FMR suggest a focus on affordable housing, the lack of detailed economic indicators prevents a definitive assessment of whether the ZIP code is stable or transitional. Landlords and small-portfolio investors should proceed with caution, relying on the $970 FMR as a guide for setting rents for Section 8 participants, while also being mindful of the broader economic context of the area.
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.