Location: San Miguel County, NM | Metro: Guadalupe 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 |
U.S. Census Bureau data (2024)
The ZIP code 88431 represents a unique area with a total population of 164 residents. Notably, there are no reported renters within this community, indicating it is almost entirely composed of homeowners. The lack of data on median income and median home value suggests that this is a very small and possibly homogeneous community where traditional economic metrics do not fully capture the local dynamics.
Despite the absence of renters, the Fair Market Rent (FMR) for the metro area covering ZIP 88431 is set at $1,010 for fiscal year 2026. This figure, however, stands alone without comparative market rent data, which typically would provide insight into the local rental economy. Given the zero percent rental rate, it is evident that the market rent is not applicable here, as the rental sector is essentially non-existent.
Considering these factors, ZIP 88431 is not an ideal location for a hands-off Section 8 voucher operator due to the complete absence of tenants seeking subsidized housing. The community's structure, with all residents being homeowners, does not align with the typical rental-based model that such operators rely on. On the other hand, for a hands-on value-add buyer looking to convert properties into rentals, the opportunity is limited by the current lack of any rental activity and the unknown potential for attracting new renters.
In conclusion, ZIP 88431 presents a challenging environment for Section 8 investors. It lacks the necessary tenant base and market rent data to support typical investment strategies. Investors should focus on areas with a higher percentage of renters and clearer economic indicators to ensure successful operations.
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.