Section 8 Fair Market Rent (FMR) for ZIP 87832 - 2027

Location: Socorro County, NM | Metro: Socorro County, NM

FY 2027 Fair Market Rent Rates

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

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

265

Median Household Income

$N/A

Housing Units

304

Renter Percentage

N/A

Occupancy Rate

56.9%

Renter Occupied

To determine if a landlord should buy in ZIP code 87832 for Section 8 purposes, follow this decision tree:

Does the Fair Market Rent (FMR) of $970 cover the debt service on a property?
- If the FMR of $970 does not cover the debt service, the answer is No. Do not purchase properties in this area for Section 8 tenants.
- If the FMR of $970 does cover the debt service, proceed to the next question.
Is the market rent above, at, or below the FMR?
- If the market rent is above $970, then it is It Depends. Consider the specific property's location, condition, and potential for higher-paying tenants.
- If the market rent is at or below $970, then it is Yes. This aligns well with the FMR for Section 8 tenants.
Are there sufficient renters and days on the market (DOM)?
- If the percentage of renters is 0.0% and the DOM is N/A, the answer is No. There is insufficient demand for rental properties in this area.

The Fair Market Rent for ZIP 87832 is set at $970 for the fiscal year 2026. However, without specific information about the debt service for a typical property in this area, it is impossible to definitively state whether the FMR will cover the costs. Landlords must calculate their own debt service based on the mortgage, taxes, insurance, and maintenance expenses of the property they are considering.

Moving on to the second question, we need to know the market rent in ZIP 87832. The data provided does not specify this figure. If the market rent is higher than $970, landlords might consider whether the property can attract non-Section 8 tenants who pay more. If the market rent is at or below $970, the property would be suitable for Section 8 tenants.

The final question addresses demand. With 0.0% of the population being renters and an unknown number of days on the market, the demand for rental properties is minimal. This suggests that the area may not be conducive to investment in rental properties, particularly those intended for Section 8 tenants.

In conclusion, unless the landlord can confirm that the FMR of $970 covers the debt service and that the market rent is at or below this amount, the recommendation is No. Additionally, the low percentage of renters and unknown DOM indicate a weak rental market, further supporting the decision not to invest in this ZIP code for Section 8 purposes.

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.