Location: Las Cruces, NM | Metro: Las Cruces, NM MSA
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 | $750 |
| 1 Bedroom | $920 |
| 2 Bedrooms | $1,010 |
| 3 Bedrooms | $1,390 |
| 4 Bedrooms | $1,610 |
| 5 Bedrooms | $1,868 |
| 6 Bedrooms | $2,092 |
| 7 Bedrooms | $2,259 |
| 8 Bedrooms | $2,372 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $1,390 | $234,156 | 0.59% | F |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 88024 in fiscal year 2024 is set at $900. This figure represents the payment standard used by the Housing Choice Voucher program, commonly known as Section 8, and it is not the amount tenants will pay you directly. Instead, the FMR determines the maximum allowable rent that can be charged to voucher holders. The actual rent paid to you by the voucher program will be based on the tenant's income, typically 30%, plus any additional rent you charge above the voucher amount, which the tenant must cover.
In ZIP 88024, the median rent for a two-bedroom apartment is currently listed as N/A, indicating incomplete or unavailable data. However, the median home value in this area is $233,786, which gives insight into the typical acquisition cost for properties. Given the 0.0% renter share of households, it suggests that there is minimal competition from other rental units, potentially making Section 8 vouchers a reliable source of tenants.
To put the FMR into perspective, consider that if the median rent in your area were higher, say around $1,200, then the $900 FMR would represent a lower percentage of the overall market rent. In such a scenario, you might find that your property is less competitive for voucher holders, who are limited by the FMR. Conversely, if the median rent is lower, the FMR could provide a stable income stream, especially given the low renter share indicating fewer available rental options.
Before committing to a Section 8 rental, ensure that your property meets all local housing quality standards, known as the Housing Quality Standards (HQS). These requirements are essential because failing to meet them can result in your property being ineligible for the program, leading to potential financial losses and wasted time. Verify these standards by conducting a thorough inspection of your property and consulting with local Section 8 administrators.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-08-31). 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.