Location: Lincoln County, NM | Metro: Lincoln County, NM
| Unit Size | Monthly FMR |
|---|---|
| Studio | $830 |
| 1 Bedroom | $840 |
| 2 Bedrooms | $1,060 |
| 3 Bedrooms | $1,350 |
| 4 Bedrooms | $1,660 |
| 5 Bedrooms | $1,926 |
| 6 Bedrooms | $2,157 |
| 7 Bedrooms | $2,330 |
| 8 Bedrooms | $2,447 |
U.S. Census Bureau data (2024)
The Federal Market Rent (FMR) for ZIP code 88338 in fiscal year 2026 is set at $1,000. This figure represents the payment standard for Section 8 housing vouchers in the area, meaning it is the maximum amount the government will pay toward rent for a unit in this ZIP code. It's important to note that this is not the rent you'll charge your tenant; rather, it's the benchmark against which the government evaluates voucher payments.
While the local median rent for 88338 is currently listed as N/A, the 51.5% renter share indicates that over half of the households in this area are renters. This suggests a strong demand for rental properties, particularly those that can be rented out through the Section 8 program.
The acquisition cost for properties in this ZIP code is also listed as N/A, but given the high renter share, it's likely that many landlords find it worthwhile to invest in Section 8 rentals despite any initial uncertainties about property values.
To put the FMR into perspective, let's consider an example. If a Section 8 tenant is eligible for a full voucher, you could expect the government to cover up to $1,000 of the monthly rent. However, if the actual market rent for your property exceeds $1,000, the tenant would need to pay the difference out-of-pocket. This makes the $1,000 FMR a crucial number for setting your rent price.
Before proceeding with a Section 8 rental in ZIP code 88338, there is one clear thing you must verify: ensure that the property meets all the required standards for the Section 8 program. These include safety, health, and habitability criteria set by the Department of Housing and Urban Development (HUD). A thorough inspection and any necessary repairs can prevent delays in securing tenants and ensure compliance with federal guidelines.
In conclusion, the $1,000 FMR for ZIP code 88338 provides a solid foundation for understanding the financial landscape of Section 8 rentals in the area. With a significant portion of households renting, there is a robust demand for affordable housing options, making this a potentially lucrative investment for landlords and small-portfolio investors alike.
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.