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 88318 fair market rent, FY 2027
For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 88318 (Corona, NM) is $1,320 a month. That is up 10.0% from $1,200 in FY 2026. Corona is in the Albuquerque, 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 $1,384. Among 11 ZIP codes in Torrance County, 88318 is tied for the 3rd-highest two-bedroom rent (county range $1,320–$1,520). The median county two-bedroom FMR in New Mexico is $1,063, so ZIP 88318 is 24% above it.
FY 2027 rent by bedroom
FY 2027 fair market rent by bedroom for 88318
Bedrooms
FY 2026
FY 2027
Change
90–110% range
Studio
$830
$910
+9.6%
$819–$1,001
1BR
$980
$1,070
+9.2%
$963–$1,177
2BR
$1,200
$1,320
+10.0%
$1,188–$1,452
3BR
$1,680
$1,840
+9.5%
$1,656–$2,024
4BR
$1,990
$2,160
+8.5%
$1,944–$2,376
Fair market rent history, FY 2023–2027
Fair market rent by fiscal year for 88318
Fiscal year
Studio
1BR
2BR
3BR
4BR
FY 2027
$910
$1,070
$1,320
$1,840
$2,160
FY 2026
$830
$980
$1,200
$1,680
$1,990
FY 2025
$750
$910
$1,100
$1,550
$1,860
FY 2024
$690
$850
$1,030
$1,470
$1,760
FY 2023
$660
$810
$980
$1,390
$1,670
Two-bedroom rent in nearby Torrance County ZIP codes
How much will Section 8 pay for a two-bedroom in ZIP 88318?
Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With the metro-wide two-bedroom FMR of $1,384, which applies unless the housing authority uses Small Area FMRs, that basic range is $1,246 to $1,522 a month; under the ZIP-level Small Area FMR of $1,320 it would be $1,188 to $1,452. 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 88318 in?
ZIP 88318 is in the Albuquerque, NM MSA. Small Area FMRs are optional here; the metro-wide two-bedroom FMR is $1,384.
How much did fair market rent change in ZIP 88318 for FY 2027?
The two-bedroom FMR rose 10.0%, from $1,200 in FY 2026 to $1,320 in FY 2027. Since FY 2023 it has risen 34.7%.
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