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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ZIP 87504 fair market rent, FY 2027
For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 87504 (Santa Fe, NM) is $1,740 a month. That is up 3.0% from $1,690 in FY 2026. Santa Fe is in the Santa Fe, 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 $1,735. Among 21 ZIP codes in Santa Fe County, 87504 is tied for the 5th-highest two-bedroom rent (county range $1,520–$2,020). The median county two-bedroom FMR in New Mexico is $1,063, so ZIP 87504 is 64% above it.
FY 2027 rent by bedroom
FY 2027 fair market rent by bedroom for 87504
Bedrooms
FY 2026
FY 2027
Change
90–110% range
Studio
$1,260
$1,260
0.0%
$1,134–$1,386
1BR
$1,390
$1,420
+2.2%
$1,278–$1,562
2BR
$1,690
$1,740
+3.0%
$1,566–$1,914
3BR
$2,130
$2,140
+0.5%
$1,926–$2,354
4BR
$2,240
$2,290
+2.2%
$2,061–$2,519
Fair market rent history, FY 2023–2027
Fair market rent by fiscal year for 87504
Fiscal year
Studio
1BR
2BR
3BR
4BR
FY 2027
$1,260
$1,420
$1,740
$2,140
$2,290
FY 2026
$1,260
$1,390
$1,690
$2,130
$2,240
FY 2025
$1,240
$1,370
$1,630
$2,060
$2,160
FY 2024
$1,170
$1,320
$1,540
$1,970
$2,050
FY 2023
$950
$1,090
$1,250
$1,600
$1,780
Two-bedroom rent in nearby Santa Fe County ZIP codes
How much will Section 8 pay for a two-bedroom in ZIP 87504?
Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With the metro-wide two-bedroom FMR of $1,735, which applies unless the housing authority uses Small Area FMRs, that basic range is $1,562 to $1,909 a month; under the ZIP-level Small Area FMR of $1,740 it would be $1,566 to $1,914. 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 87504 in?
ZIP 87504 is in the Santa Fe, NM MSA. Small Area FMRs are optional here; the metro-wide two-bedroom FMR is $1,735.
How much did fair market rent change in ZIP 87504 for FY 2027?
The two-bedroom FMR rose 3.0%, from $1,690 in FY 2026 to $1,740 in FY 2027. Since FY 2023 it has risen 39.2%.
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