Location: Grant County, NM | Metro: Grant County, NM
Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)
| Unit Size | Monthly FMR |
|---|---|
| Studio | $840 |
| 1 Bedroom | $850 |
| 2 Bedrooms | $1,090 |
| 3 Bedrooms | $1,310 |
| 4 Bedrooms | $1,710 |
| 5 Bedrooms | $1,984 |
| 6 Bedrooms | $2,222 |
| 7 Bedrooms | $2,400 |
| 8 Bedrooms | $2,520 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $1,310 | $282,319 | 0.46% | F |
U.S. Census Bureau data (2024)
ZIP code 88022, located within the Grant County, NM metro, has a Family Monthly Income Rent (FMR) of $1,070 for fiscal year 2026. This figure is critical for understanding the rental market dynamics within the context of federal housing assistance programs.
The home value in ZIP 88022 stands at $214,592, which is indicative of the property's worth in the area. However, the lack of specific market rent data for this ZIP makes it challenging to directly compare rental prices with other areas within Grant County. Despite this, we can still draw some insights based on the available information.
The 24.9% renter share suggests that nearly a quarter of the households in this ZIP code are renters. This percentage is significant and could indicate a strong demand for rental properties, particularly those that qualify for Section 8 subsidies. Given that the FMR is set at $1,070, landlords who can offer units within this price range may attract a substantial number of tenants seeking affordable housing options.
To determine if ZIP 88022 is a value pocket, a mid-tier neighborhood, or a premium sub-market within its metro, we must consider the FMR alongside the home value. The FMR of $1,070 is likely lower than what would be considered the average market rent for similar properties in the county, assuming market rents are higher than FMRs in most cases. This discrepancy, coupled with the relatively high renter share, implies that ZIP 88022 could be an attractive location for Section 8 participants and thus a value pocket within the metro.
However, the home value of $214,592 is a key factor in assessing the overall market position of this ZIP. If this figure is notably lower than the average home value in Grant County, it could further reinforce the notion of ZIP 88022 being a value pocket. Conversely, if the home value is close to or above the county average, it might suggest a mid-tier neighborhood where both homeownership and rental markets are moderately priced.
In summary, ZIP 88022 appears to be a value pocket within the Grant County, NM metro, given its lower FMR and potentially below-average home value, combined with a significant renter share. This positioning makes it a favorable location for landlords and investors looking to cater to the needs of low-income renters through Section 8 housing assistance.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-07-31). 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.