FMR is below market; voucher rent may lag private rents.
0.59
1 BR
1 BR
0.67ratio
FMR$1,120
Market$1,680
vs market-$560
FMR is below market; voucher rent may lag private rents.
0.67
2 BR
2 BR
0.72ratio
FMR$1,330
Market$1,840
vs market-$510
FMR is below market; voucher rent may lag private rents.
0.72
3 BR
3 BR
0.77ratio
FMR$1,670
Market$2,180
vs market-$510
FMR is below market; voucher rent may lag private rents.
0.77
4 BR
4 BR
0.73ratio
FMR$1,830
Market$2,510
vs market-$680
FMR is below market; voucher rent may lag private rents.
0.73
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
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ZIP 88241 fair market rent, FY 2027
For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 88241 (Hobbs, NM) is $1,330 a month. That is up 0.8% from $1,320 in FY 2026. Hobbs is in the Lea 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 $1,327. Among 13 ZIP codes in Lea County, 88241 is tied for the 4th-highest two-bedroom rent (county range $1,200–$1,660). The median county two-bedroom FMR in New Mexico is $1,063, so ZIP 88241 is 25% above it.
FY 2027 rent by bedroom
FY 2027 fair market rent by bedroom for 88241
Bedrooms
FY 2026
FY 2027
Change
90–110% range
Studio
$1,060
$1,110
+4.7%
$999–$1,221
1BR
$1,070
$1,120
+4.7%
$1,008–$1,232
2BR
$1,320
$1,330
+0.8%
$1,197–$1,463
3BR
$1,640
$1,670
+1.8%
$1,503–$1,837
4BR
$1,820
$1,830
+0.5%
$1,647–$2,013
Fair market rent history, FY 2023–2027
Fair market rent by fiscal year for 88241
Fiscal year
Studio
1BR
2BR
3BR
4BR
FY 2027
$1,110
$1,120
$1,330
$1,670
$1,830
FY 2026
$1,060
$1,070
$1,320
$1,640
$1,820
FY 2025
$800
$860
$1,130
$1,400
$1,600
FY 2024area FMR
$801
$889
$1,168
$1,487
$1,642
FY 2023area FMR
$688
$776
$1,021
$1,319
$1,463
Marked years use a different HUD benchmark than FY 2027, so they are not a like-for-like change.
How much will Section 8 pay for a two-bedroom in ZIP 88241?
Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With the county-wide two-bedroom FMR of $1,327, which applies unless the housing authority uses Small Area FMRs, that basic range is $1,194 to $1,460 a month; under the ZIP-level Small Area FMR of $1,330 it would be $1,197 to $1,463. 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 88241 in?
ZIP 88241 is in the Lea County, NM non-metropolitan FMR area. Small Area FMRs are optional here; the county-wide two-bedroom FMR is $1,327.
How much did fair market rent change in ZIP 88241 for FY 2027?
The two-bedroom FMR rose 0.8%, from $1,320 in FY 2026 to $1,330 in FY 2027. Since FY 2025 it has risen 17.7%.
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