Section 8 Fair Market Rent (FMR) for ZIP 88002 - 2027

Location: Las Cruces, NM | Metro: Las Cruces, NM MSA

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$1,120
1 Bedroom	$1,380
2 Bedrooms	$1,520
3 Bedrooms	$2,070
4 Bedrooms	$2,400
5 Bedrooms	$2,784
6 Bedrooms	$3,118
7 Bedrooms	$3,367
8 Bedrooms	$3,535

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

1,609

Median Household Income

$89,565

Housing Units

481

Renter Percentage

100.0%

Occupancy Rate

86.1%

Renter Occupied

414

ZIP code 88002, located in Las Cruces, New Mexico, is a vibrant area with a high concentration of renters and moderate rental prices, making it an attractive market for landlords and small-portfolio investors.

The Fair Market Rent (FMR) for ZIP 88002 in fiscal year 2024 is set at $1,450, indicating the government's benchmark for affordable housing.
The market rent, according to Census ACS data, stands at $1,385, slightly below the FMR but still within a reasonable range for investment properties.
A notable feature of this ZIP code is that 100% of its residents are renters, suggesting a robust demand for rental units.
The median income in ZIP 88002 is $89,565, providing insight into the financial stability of potential tenants.
While the median home value is listed as N/A, this reflects the predominantly rental nature of the market rather than a lack of property values.
The Days on Market (DOM) figure is also listed as N/A, which could imply that listings are either rare or quickly snapped up, further underscoring the strong rental demand.

In summary, ZIP 88002 presents a solid opportunity for real estate investors due to its high renter population and stable income levels. The market rent being just under the FMR suggests a balanced market where rental properties can be priced competitively without overstepping affordability thresholds. The complete renter share indicates minimal competition from homeowners, positioning rental properties well for occupancy rates. With median incomes above $89,565, there is a strong likelihood that tenants can afford the average rents, reducing the risk of vacancy or delinquency. Overall, the area supports a favorable environment for generating steady rental income with minimal market fluctuations.

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.