Location: Sierra County, NM | Metro: Sierra County, NM
| Unit Size | Monthly FMR |
|---|---|
| Studio | $710 |
| 1 Bedroom | $780 |
| 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 87930 presents a unique scenario when analyzing rental affordability from a renter's perspective. The median income here stands at $38,085, which provides a baseline for understanding how much a typical household might be able to spend on rent.
Unfortunately, the market rate for rentals in this area is listed as N/A, making it impossible to directly assess whether a household earning the median income could afford typical market rates. However, we can look at the voucher payment standard for insight. The Fair Market Rent (FMR) for the metro area in fiscal year 2026 is set at $1,000. This figure represents the maximum amount a voucher holder can pay towards rent under the Section 8 program.
Given the extremely low percentage of renters—only 0.0%—and the total population of 718, it's clear that there is limited demand for rental properties in ZIP 87930. The lack of renters suggests that homeownership is prevalent, and the competition among landlords for the few available tenants is likely minimal.
The affordability gap, represented by the difference between the median income and the potential rental costs, is significant. A household earning $38,085 would have to allocate a substantial portion of their income to meet even the voucher-standard rent of $1,000 per month. This allocation would leave little room for other expenses, indicating that renting in this area is challenging for most residents.
For landlords considering their strategy regarding voucher versus cash-pay tenants, the data points to a preference for cash-pay arrangements where possible. The low number of renters and the high cost of living relative to income suggest that finding reliable cash-paying tenants could be more lucrative and less administratively burdensome than relying on Section 8 vouchers. However, given the limited rental market, landlords should also consider the benefits of accepting vouchers to secure any available tenant base.
In summary, landlords in ZIP 87930 must weigh the advantages of cash-paying tenants against the reality of a sparse rental market. While the voucher payment standard of $1,000 is affordable for those with vouchers, the overall economic context makes attracting and retaining tenants a challenge. Landlords should prepare for a competitive landscape that favors flexibility and adaptability in rental strategies.
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.