Not enough rental comps in this area to determine how FMR aligns with current market rates.
Historical
FY 2023-2027
FMR
FY2027
Property value
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Tax rate
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Mortgage rate
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Elephant Butte, NM fair market rent, FY 2027
For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in Elephant Butte, NM is $1,400 a month. That is down 1.4% from $1,420 in FY 2026. Elephant Butte is in the Sierra County, NM non-metropolitan FMR area. HUD also publishes the ZIP-level Small Area FMRs shown here, but unless the local housing authority has adopted them, vouchers are based on the county-wide two-bedroom FMR of $1,014. The median county two-bedroom FMR in New Mexico is $1,063, so Elephant Butte is 32% above it.
FY 2027 rent by bedroom
FY 2027 fair market rent by bedroom for Elephant Butte, NM
Bedrooms
FY 2026
FY 2027
Change
90–110% range
Studio
$980
$970
−1.0%
$873–$1,067
1BR
$1,080
$1,080
0.0%
$972–$1,188
2BR
$1,420
$1,400
−1.4%
$1,260–$1,540
3BR
$1,970
$1,940
−1.5%
$1,746–$2,134
4BR
$2,290
$2,200
−3.9%
$1,980–$2,420
Fair market rent history, FY 2023–2027
Fair market rent by fiscal year for Elephant Butte, NM
Fiscal year
Studio
1BR
2BR
3BR
4BR
FY 2027
$970
$1,080
$1,400
$1,940
$2,200
FY 2026
$980
$1,080
$1,420
$1,970
$2,290
FY 2025
$910
$1,010
$1,320
$1,850
$2,190
FY 2024area FMR
$594
$667
$877
$1,236
$1,488
FY 2023area FMR
$532
$604
$795
$1,130
$1,354
Marked years use a different HUD benchmark than FY 2027, so they are not a like-for-like change.
Questions about Elephant Butte, NM rents
How much will Section 8 pay for a two-bedroom in Elephant Butte, NM?
Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With the county-wide two-bedroom FMR of $1,014, which applies unless the housing authority uses Small Area FMRs, that basic range is $913 to $1,115 a month; under the ZIP-level Small Area FMR of $1,400 it would be $1,260 to $1,540. The voucher pays the lower of the payment standard or the gross rent, minus the tenant's share, which is usually about 30% of adjusted monthly income. Confirm the local housing authority's current schedule before underwriting.
Which HUD fair market rent area is Elephant Butte, NM in?
Elephant Butte, NM is in the Sierra County, NM non-metropolitan FMR area. Small Area FMRs are optional here; the county-wide two-bedroom FMR is $1,014.
How much did fair market rent change in Elephant Butte, NM for FY 2027?
The two-bedroom FMR fell 1.4%, from $1,420 in FY 2026 to $1,400 in FY 2027. Since FY 2025 it has risen 6.1%.
When do FY 2027 fair market rents take effect?
HUD's FY 2027 fair market rents took effect on October 1, 2026. When FMRs change, housing authorities generally have up to three months to bring payment standards back within 90% to 110% of the new FMR.
Source: HUD FY 2027 Small Area Fair Market Rents and area FMRs. Payment-standard ranges are 90% to 110% of FMR, HUD's basic range, not a housing authority's published schedule. How payment standards are set