FMR is below market; voucher rent may lag private rents.
0.59
1 BR
1 BR
0.55ratio
FMR$810
Market$1,460
vs market-$650
FMR is below market; voucher rent may lag private rents.
0.55
2 BR
2 BR
0.65ratio
FMR$1,030
Market$1,590
vs market-$560
FMR is below market; voucher rent may lag private rents.
0.65
3 BR
3 BR
0.66ratio
FMR$1,310
Market$1,980
vs market-$670
FMR is below market; voucher rent may lag private rents.
0.66
4 BR
4 BR
0.75ratio
FMR$1,610
Market$2,150
vs market-$540
FMR is below market; voucher rent may lag private rents.
0.75
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
--
ZIP 88346 fair market rent, FY 2027
For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 88346 (Ruidoso Downs, NM) is $1,030 a month. That is up 6.2% from $970 in FY 2026. Ruidoso Downs is in the Lincoln 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 $1,063. Among 17 ZIP codes in Lincoln County, 88346 has the 15th-highest two-bedroom rent (county range $1,010–$1,320). The median county two-bedroom FMR in New Mexico is $1,063, so ZIP 88346 is 3% below it.
FY 2027 rent by bedroom
FY 2027 fair market rent by bedroom for 88346
Bedrooms
FY 2026
FY 2027
Change
90–110% range
Studio
$790
$810
+2.5%
$729–$891
1BR
$800
$810
+1.3%
$729–$891
2BR
$970
$1,030
+6.2%
$927–$1,133
3BR
$1,270
$1,310
+3.1%
$1,179–$1,441
4BR
$1,570
$1,610
+2.5%
$1,449–$1,771
Fair market rent history, FY 2023–2027
Fair market rent by fiscal year for 88346
Fiscal year
Studio
1BR
2BR
3BR
4BR
FY 2027
$810
$810
$1,030
$1,310
$1,610
FY 2026
$790
$800
$970
$1,270
$1,570
FY 2025
$680
$790
$930
$1,270
$1,560
FY 2024area FMR
$627
$667
$877
$1,156
$1,488
FY 2023area FMR
$582
$614
$795
$1,048
$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 Lincoln County ZIP codes
How much will Section 8 pay for a two-bedroom in ZIP 88346?
Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With the county-wide two-bedroom FMR of $1,063, which applies unless the housing authority uses Small Area FMRs, that basic range is $957 to $1,169 a month; under the ZIP-level Small Area FMR of $1,030 it would be $927 to $1,133. 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 88346 in?
ZIP 88346 is in the Lincoln County, NM non-metropolitan FMR area. Small Area FMRs are optional here; the county-wide two-bedroom FMR is $1,063.
How much did fair market rent change in ZIP 88346 for FY 2027?
The two-bedroom FMR rose 6.2%, from $970 in FY 2026 to $1,030 in FY 2027. Since FY 2025 it has risen 10.8%.
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