Location: Lea County, NM | Metro: Chaves County, NM
| Unit Size | Monthly FMR |
|---|---|
| Studio | $960 |
| 1 Bedroom | $970 |
| 2 Bedrooms | $1,200 |
| 3 Bedrooms | $1,480 |
| 4 Bedrooms | $1,650 |
| 5 Bedrooms | $1,914 |
| 6 Bedrooms | $2,144 |
| 7 Bedrooms | $2,316 |
| 8 Bedrooms | $2,432 |
U.S. Census Bureau data (2024)
The median income in ZIP code 88267 stands at $52,250, which places significant constraints on the average household's ability to pay the market rate rent of $948 per month. This makes it challenging for many residents to afford housing without financial assistance.
Comparatively, the Fair Market Rent (FMR) set by the Department of Housing and Urban Development (HUD) for metro areas in fiscal year 2026 is $1,150, which is higher than the current market rate but still represents an important benchmark for housing affordability.
In ZIP 88267, where 32.9% of the 1,347 residents are renters, the affordability gap suggests that there will be stiff competition among landlords for tenants who can pay the full market rate. Given the median income level, many potential renters may seek properties that accept Section 8 vouchers to secure more affordable housing options.
Landlords must consider these dynamics when deciding between accepting cash-paying tenants or those using Section 8 vouchers. While cash-paying tenants might offer slightly higher rents, the reality is that the majority of renters in ZIP 88267 cannot meet the $948 market rate. Accepting vouchers could ensure a steady stream of tenants, albeit at a fixed rate that may not exceed the $948 currently seen in the market.
The takeaway for landlords is that embracing a strategy that includes both cash-paying and voucher tenants could be most effective. It diversifies their tenant base while also positioning them to benefit from the government's commitment to affordable housing through the Section 8 program.
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.