Location: Lea County, NM | Metro: Lea County, NM
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,040 |
| 1 Bedroom | $1,040 |
| 2 Bedrooms | $1,240 |
| 3 Bedrooms | $1,560 |
| 4 Bedrooms | $1,700 |
| 5 Bedrooms | $1,972 |
| 6 Bedrooms | $2,209 |
| 7 Bedrooms | $2,386 |
| 8 Bedrooms | $2,505 |
U.S. Census Bureau data (2024)
0.0% of the population in ZIP code 88262 rents their homes, indicating a predominantly owner-occupied area. This statistic suggests that landlords might face limited demand from tenants in this region. However, the Federal Market Rent (FMR) for the metro area in fiscal year 2026 stands at $1,250, which represents the maximum rental assistance payment a landlord can receive through the Section 8 program. Despite the low renter share, the guaranteed payment of $1,250 per month can provide stability for landlords with properties qualifying under the Section 8 program. The lack of available data on market rent, median home value, median income, days on market (DOM), and price-cut share indicates either a scarcity of rental listings or a focus on homeownership in the area. Given the absence of these metrics, it's challenging to compare the FMR against local market conditions, but the consistent payment offered by the Section 8 program remains an attractive option for landlords. For small-portfolio investors, the predictability of the $1,250 FMR could offset the risks associated with a potentially volatile rental market. In conclusion, while the overall rental market in 88262 appears sparse, the Section 8 program offers a reliable revenue stream at $1,250 per unit, making it a viable investment strategy.
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.