Location: Roosevelt County, NM | Metro: Lea County, NM
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,110 |
| 1 Bedroom | $1,120 |
| 2 Bedrooms | $1,330 |
| 3 Bedrooms | $1,670 |
| 4 Bedrooms | $1,830 |
| 5 Bedrooms | $2,123 |
| 6 Bedrooms | $2,378 |
| 7 Bedrooms | $2,568 |
| 8 Bedrooms | $2,696 |
U.S. Census Bureau data (2024)
The ZIP code 88114 stands as a market in motion, characterized by specific dynamics that are crucial for landlords and small-portfolio investors to understand. The Fair Market Rent (FMR) for this area is set at $1,320, as determined for the fiscal year 2026. This figure represents the threshold above which a household is considered to be paying too much for housing, relative to their income.
A notable absence in the snapshot data is the market rent, which is listed as N/A. This suggests a lack of sufficient rental data points or recent transactions to establish a reliable average. Similarly, the percentage of price-cut share, days on market (DOM), and median home value are also absent, indicating a possible underdeveloped rental market or limited transactional activity in recent times.
The 0.0% renter share statistic is particularly telling. It implies that virtually all residents in ZIP 88114 are homeowners, which could indicate a strong preference for ownership over renting. This high owner-occupancy rate can exert long-term pressure on the housing market, as it limits the pool of potential renters. Landlords must navigate this environment carefully, ensuring their properties offer unique value propositions to attract tenants in a market dominated by owner-occupiers.
In the absence of historical data, we cannot definitively state whether supply outpaces demand or vice versa. However, the missing market rent and other key metrics suggest a market that may be less active compared to others, possibly due to strong homeowner preferences or economic conditions that favor property ownership over leasing.
Investors should focus on understanding the local economy, employment trends, and any upcoming developments that might influence the rental landscape. Engaging with local real estate agents and community groups can provide insights into the evolving market dynamics, helping to make informed decisions about investments and management strategies in ZIP 88114.
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.