Location: Las Cruces, NM | Metro: Las Cruces, NM MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $790 |
| 1 Bedroom | $970 |
| 2 Bedrooms | $1,070 |
| 3 Bedrooms | $1,460 |
| 4 Bedrooms | $1,690 |
| 5 Bedrooms | $1,960 |
| 6 Bedrooms | $2,195 |
| 7 Bedrooms | $2,371 |
| 8 Bedrooms | $2,490 |
The ZIP code 88013, located in Las Cruces, New Mexico, presents several key considerations for landlords and small-portfolio investors. Let's address the common objections:
No specific data is available for the exact mortgage coverage in ZIP 88013 for FY 2024. However, according to recent real estate data, the Fair Market Rent (FMR) for a two-bedroom home in the area is set at $990 per month. To determine if this covers the mortgage, you need to calculate the monthly payment based on the purchase price, interest rate, and loan term.
Zillow reports that there are currently 165 homes for sale in ZIP 88013, indicating a robust real estate market. While the exact percentage of renters in the area is not specified, the presence of multiple real estate listings suggests strong demand. The mix of homeownership and rental properties typically reflects local economic conditions and preferences.
HUD's Housing Choice Voucher Program adjusts its inflation factors annually to ensure that vouchers remain competitive with market rents. For FY 2024, the program is expected to provide adjustments that reflect local economic conditions. However, without specific data for 88013, it is difficult to quantify exactly how these adjustments will affect the area.
Note that the lack of precise data for some aspects of the ZIP code means that further research might be necessary to make informed decisions. Nonetheless, the available information paints a picture of a viable investment opportunity in the rental market of 88013.
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.