Location: San Miguel County, NM | Metro: San Miguel County, NM
| Unit Size | Monthly FMR |
|---|---|
| Studio | $800 |
| 1 Bedroom | $930 |
| 2 Bedrooms | $1,080 |
| 3 Bedrooms | $1,500 |
| 4 Bedrooms | $1,690 |
| 5 Bedrooms | $1,960 |
| 6 Bedrooms | $2,195 |
| 7 Bedrooms | $2,371 |
| 8 Bedrooms | $2,490 |
The Fair Market Rent (FMR) for ZIP code 88421 in metro FY 2026 is set at $1,020. This figure represents the payment standard under the Section 8 program, which means that if you participate, the government will pay up to this amount toward the rent of eligible tenants. It's important to note that this is not the total rent you can charge; it's the maximum subsidy amount.
While the local median rent for ZIP 88421 is listed as N/A, the percentage of renters in the area is N/A%, indicating a substantial demand for rental housing. This high demand suggests that there are many potential tenants who could benefit from Section 8 assistance.
In terms of acquiring a property in this area, the average price is listed as N/A. This means that the initial investment required to purchase a rental property in ZIP 88421 is N/A. However, the FMR of $1,020 provides a benchmark for the rental income you can expect from a Section 8 tenant, helping you to calculate your potential returns.
Before proceeding with a Section 8 rental in ZIP 88421, ensure that your property meets all the necessary inspection criteria. The Housing Quality Standards (HQS) inspection is critical; it determines whether your property is safe and habitable for tenants. Failure to meet these standards can result in disqualification from the program, even if your property is otherwise well-suited for rental.
To summarize, with an FMR of $1,020, significant demand for rentals, and a property acquisition cost of N/A, ZIP 88421 presents a viable opportunity for those considering their first Section 8 rental. Just make sure your property passes the HQS inspection to avoid any complications.
Data Sources: FMR data from HUD (2027).
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.