Location: Roosevelt County, NM | Metro: Chaves County, NM
| Unit Size | Monthly FMR |
|---|---|
| Studio | $820 |
| 1 Bedroom | $830 |
| 2 Bedrooms | $1,020 |
| 3 Bedrooms | $1,410 |
| 4 Bedrooms | $1,680 |
| 5 Bedrooms | $1,949 |
| 6 Bedrooms | $2,183 |
| 7 Bedrooms | $2,358 |
| 8 Bedrooms | $2,476 |
U.S. Census Bureau data (2024)
The ZIP code 88116 presents a unique opportunity for landlords and small-portfolio investors interested in Section 8 tenants. With a population of 394, this area has a significant 24.2% of residents who are renters. However, the median household income stands at $54,239, which is crucial when considering the financial landscape.
The absence of specific market rent data for ZIP 88116 makes it challenging to provide an exact percentage of income spent on rent. Nonetheless, we can compare the local income to the Fair Market Rent (FMR), which is set at $1,010 for the fiscal year 2026 in the metro area. Assuming the FMR closely mirrors the market rent, a household earning the median income would spend approximately 18.6% of their monthly income on rent, calculated by dividing $1,010 by $54,239 and multiplying by 100.
This suggests that while there is a notable rental presence in ZIP 88116, the income levels indicate that the majority of residents could afford market rent without assistance. The FMR being lower than what might be expected based on the median income implies that Section 8 vouchers are likely to be a smaller part of the rental market here. Landlords in this area should anticipate a mix of tenants, including those who can pay market rent and a smaller segment relying on housing vouchers.
To conclude, ZIP 88116 is a moderately renter-heavy area with a strong potential for a diverse tenant pool. Given the relatively high median income and the lower FMR, landlords should prepare for tenants who may have stable employment but still seek affordable housing options. This ZIP offers a balanced environment where both market-rate and subsidized rentals can coexist, catering to different segments of the population.
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.