FMR is below market; voucher rent may lag private rents.
0.68
1 BR
1 BR- 88008
0.91ratio
FMR$1,220
Market$1,340
vs market-$120
FMR is near market; voucher and private rents are aligned.
0.91
2 BR
2 BR- 88008
0.79ratio
FMR$1,340
Market$1,700
vs market-$360
FMR is below market; voucher rent may lag private rents.
0.79
3 BR
3 BR- 88008
1.01ratio
FMR$1,820
Market$1,800
vs market+$20
FMR is near market; voucher and private rents are aligned.
1.01
4 BR
4 BR- 88008
0.96ratio
FMR$2,110
Market$2,200
vs market-$90
FMR is near market; voucher and private rents are aligned.
0.96
0.700.800.901.001.101.201.30aligned range
Historical
FY 2023-2027
FMR
FY2027
Market rent
last ~365 days
Property value
--
Tax rate
--
Mortgage rate
--
Santa Teresa, NM fair market rent, FY 2027
For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in Santa Teresa, NM is $1,340 a month. That is up 12.6% from $1,190 in FY 2026. Santa Teresa is in the Las Cruces, NM MSA. 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 metro-wide two-bedroom FMR of $1,073. The median county two-bedroom FMR in New Mexico is $1,063, so Santa Teresa is 26% above it.
FY 2027 rent by bedroom
FY 2027 fair market rent by bedroom for Santa Teresa, NM
Bedrooms
FY 2026
FY 2027
Change
90–110% range
Studio
$850
$990
+16.5%
$891–$1,089
1BR
$1,090
$1,220
+11.9%
$1,098–$1,342
2BR
$1,190
$1,340
+12.6%
$1,206–$1,474
3BR
$1,660
$1,820
+9.6%
$1,638–$2,002
4BR
$1,800
$2,110
+17.2%
$1,899–$2,321
Fair market rent history, FY 2023–2027
Fair market rent by fiscal year for Santa Teresa, NM
Fiscal year
Studio
1BR
2BR
3BR
4BR
FY 2027
$990
$1,220
$1,340
$1,820
$2,110
FY 2026
$850
$1,090
$1,190
$1,660
$1,800
FY 2025
$800
$1,020
$1,130
$1,570
$1,740
FY 2024
$810
$960
$1,080
$1,510
$1,710
FY 2023
$760
$820
$950
$1,350
$1,550
Questions about Santa Teresa, NM rents
How much will Section 8 pay for a two-bedroom in Santa Teresa, NM?
Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With the metro-wide two-bedroom FMR of $1,073, which applies unless the housing authority uses Small Area FMRs, that basic range is $966 to $1,180 a month; under the ZIP-level Small Area FMR of $1,340 it would be $1,206 to $1,474. 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 Santa Teresa, NM in?
Santa Teresa, NM is in the Las Cruces, NM MSA. Small Area FMRs are optional here; the metro-wide two-bedroom FMR is $1,073.
How much did fair market rent change in Santa Teresa, NM for FY 2027?
The two-bedroom FMR rose 12.6%, from $1,190 in FY 2026 to $1,340 in FY 2027. Since FY 2023 it has risen 41.1%.
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