Location: Quay County, NM | Metro: Quay County, NM
| Unit Size | Monthly FMR |
|---|---|
| Studio | $770 |
| 1 Bedroom | $780 |
| 2 Bedrooms | $1,020 |
| 3 Bedrooms | $1,320 |
| 4 Bedrooms | $1,600 |
| 5 Bedrooms | $1,856 |
| 6 Bedrooms | $2,079 |
| 7 Bedrooms | $2,245 |
| 8 Bedrooms | $2,357 |
U.S. Census Bureau data (2024)
The ZIP code 88121 presents several challenges for potential Section 8 landlords. First, tenant turnover is a significant concern, with the Fair Market Rent (FMR) for the metro area set at $970 for fiscal year 2026. This figure does not account for the actual market rent, which can lead to discrepancies between the rental income landlords receive and the amount they might otherwise charge non-voucher tenants. Second, vacancy exposure is a critical issue due to the lack of data on the days on market (DOM), which makes it difficult to predict how long properties might remain unoccupied. Lastly, deferred maintenance is a risk factor, especially considering the median household income of $2,499, which suggests that tenants may have limited resources to cover unexpected maintenance costs.
Despite these risks, the high renter share of 70.2% in ZIP 88121 is a positive indicator. A high proportion of renters typically translates into higher demand for housing vouchers, ensuring a steady stream of potential tenants. This robust rental market can help mitigate the risks associated with vacancy and maintenance, as landlords are likely to find interested voucher holders quickly.
Verdict: Moderate risk for a first-time Section 8 landlord.
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.