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Sierra County/Elephant Butte/87935

87935

ZIPSAFMR
Sierra County, NM
Zillow

ZIP Investment Score

96Above average

095130300
BRFMR
Eff. Rent
0 BR$970$970
1 BR$1,080$1,080
2 BR$1,400$1,400
3 BR$1,940$1,940
4 BR$2,200$2,200
5 BR$2,530Not available
6 BR$2,909Not available
7 BR$3,346Not available
8 BR$3,848Not available

Purchase Price Calculator

Maximum purchase price
$146,123

Cost breakdown

+Likely effective rent$1,400
HUD FMRUsed$1,400
Market rentN/A
Est. payment standardN/A
-Principal and interest-$739
Loan amount$116,898
Down payment$29,225
Rate6.50%
Term30 years
-Operating costs-$461
Property taxes-$146
Insurance-$175
Utilities$0
HOA$0
Management-$140
=Target cash flow+$200
Calculation mode

Hold period projections

Annual appreciation rate
3-year hold
+$22,624(77.4% ROI)
Projected value
$157,358
Return breakdown
Property appreciation+$11,235
Loan principal paid down+$4,188
Rental cash flow+$7,200
5-year hold
+$38,670(132.3% ROI)
Projected value
$165,325
Return breakdown
Property appreciation+$19,202
Loan principal paid down+$7,469
Rental cash flow+$12,000
10-year hold
+$82,723(283.1% ROI)
Projected value
$187,050
Return breakdown
Property appreciation+$40,927
Loan principal paid down+$17,796
Rental cash flow+$24,000

Public Housing Authority

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Rolodex

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Market Alignment

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
--
Mortgage rate
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ZIP 87935 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 87935 (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. Among 11 ZIP codes in Sierra County, 87935 has the highest two-bedroom rent (county range $1,010–$1,400). The median county two-bedroom FMR in New Mexico is $1,063, so ZIP 87935 is 32% above it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 87935
BedroomsFY 2027Change90–110% range
Studio$970−1.0%$873–$1,067
1BR$1,0800.0%$972–$1,188
2BR$1,400−1.4%$1,260–$1,540
3BR$1,940−1.5%$1,746–$2,134
4BR$2,200−3.9%$1,980–$2,420

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 87935
Fiscal yearStudio1BR2BR3BR4BR
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.

Two-bedroom rent in nearby Sierra County ZIP codes

FY 2027 two-bedroom Small Area FMR by ZIP code
ZIP code2 bedroomvs. 87935
87654$1,010−27.9%
87901$1,010−27.9%
87930$1,010−27.9%
87931$1,010−27.9%
87933$1,010−27.9%
87935Current$1,400—
87936$1,070−23.6%
87939$1,030−26.4%
87942$1,010−27.9%
87943$1,010−27.9%
88042$1,010−27.9%

Questions about ZIP 87935 rents

How much will Section 8 pay for a two-bedroom in ZIP 87935?

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 ZIP 87935 in?

ZIP 87935 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 ZIP 87935 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

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