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San Juan County/Farmington/87402

87402

ZIPSAFMR
San Juan County, NM
Zillow

ZIP Investment Score

98Above average

095130300
BRFMR
Eff. Rent
0 BR$930$1,020
1 BR$930$1,020
2 BR$1,220$1,250
3 BR$1,690$1,740
4 BR$1,830$1,930
5 BR$2,105Not available
6 BR$2,420Not available
7 BR$2,783Not available
8 BR$3,201Not available

Purchase Price Calculator

Maximum purchase price
$123,833

Cost breakdown

+Likely effective rent$1,250
HUD FMR$1,220
Market rent$1,260
Est. payment standard (102%)Used$1,250
-Principal and interest-$626
Loan amount$99,066
Down payment$24,767
Rate6.50%
Term30 years
-Operating costs-$424
Property taxes-$124
Insurance-$175
Utilities$0
HOA$0
Management-$125
=Target cash flow+$200
Calculation mode

Hold period projections

Annual appreciation rate
3-year hold
+$20,271(81.8% ROI)
Projected value
$133,355
Return breakdown
Property appreciation+$9,522
Loan principal paid down+$3,549
Rental cash flow+$7,200
5-year hold
+$34,602(139.7% ROI)
Projected value
$140,106
Return breakdown
Property appreciation+$16,273
Loan principal paid down+$6,329
Rental cash flow+$12,000
10-year hold
+$73,765(297.8% ROI)
Projected value
$158,517
Return breakdown
Property appreciation+$34,684
Loan principal paid down+$15,082
Rental cash flow+$24,000

Public Housing Authority

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Rolodex

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Market Alignment

Studio
0.84
1 BR
0.82
2 BR
0.97
3 BR
0.95
4 BR
0.92
0.701.001.30aligned range
Historical
FY 2023-2027
FMR
FY2027
Market rent
last ~365 days
Property value
--
Tax rate
--
Mortgage rate
--

ZIP 87402 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 87402 (Farmington, NM) is $1,220 a month. That is up 1.7% from $1,200 in FY 2026. Farmington is in the Farmington, 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 $1,116. Among 17 ZIP codes in San Juan County, 87402 has the 5th-highest two-bedroom rent (county range $1,010–$1,470). The median county two-bedroom FMR in New Mexico is $1,063, so ZIP 87402 is 15% above it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 87402
BedroomsFY 2027Change90–110% range
Studio$930−5.1%$837–$1,023
1BR$930−5.1%$837–$1,023
2BR$1,220+1.7%$1,098–$1,342
3BR$1,690+1.2%$1,521–$1,859
4BR$1,830+1.7%$1,647–$2,013

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 87402
Fiscal yearStudio1BR2BR3BR4BR
FY 2027$930$930$1,220$1,690$1,830
FY 2026$980$980$1,200$1,670$1,800
FY 2025$970$980$1,190$1,670$1,810
FY 2024$1,020$1,030$1,230$1,730$1,850
FY 2023$980$1,000$1,180$1,660$1,810

Two-bedroom rent in nearby San Juan County ZIP codes

FY 2027 two-bedroom Small Area FMR by ZIP code
ZIP code2 bedroomvs. 87402
87401$1,190−2.5%
87402Current$1,220—
87410$1,010−17.2%
87412$1,090−10.7%
87413$1,110−9.0%
87415$1,470+20.5%
87416$1,230+0.8%
87417$1,010−17.2%
87418$1,240+1.6%
87419$1,310+7.4%
87420$1,010−17.2%
87421$1,180−3.3%

Questions about ZIP 87402 rents

How much will Section 8 pay for a two-bedroom in ZIP 87402?

Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With the metro-wide two-bedroom FMR of $1,116, which applies unless the housing authority uses Small Area FMRs, that basic range is $1,004 to $1,228 a month; under the ZIP-level Small Area FMR of $1,220 it would be $1,098 to $1,342. 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 ZIP 87402 in?

ZIP 87402 is in the Farmington, NM MSA. Small Area FMRs are optional here; the metro-wide two-bedroom FMR is $1,116.

How much did fair market rent change in ZIP 87402 for FY 2027?

The two-bedroom FMR rose 1.7%, from $1,200 in FY 2026 to $1,220 in FY 2027. Since FY 2023 it has risen 3.4%.

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

County fair market rentFarmington, NM fair market rentNM statewide rentsWhat is SAFMR?Data sources