FY2027 Small Area FMR · Jarales, NM

ZIP 87023 Fair Market Rent & Payment Standards

HUD's FY2027 Small Area Fair Market Rent for a two-bedroom home in ZIP code 87023 (Jarales, NM) is $1,320 a month, up 10.0% from FY2026. That is 5% below the Albuquerque, NM area-wide FMR of $1,384.

2-bedroom SAFMR$1,320per month ▲ 10.0%

Area-wide 2 BR FMR$1,384Albuquerque, NM

Rank in the area59thof 87 ZIP codes

Payment standard range, 2 bedrooms

90% of SAFMR$1,188

2 BR Small Area FMR$1,320

110% of SAFMR$1,452

Housing agencies may set voucher payment standards anywhere from 90% to 110% of the FMR without asking HUD.

Studio$910▲ 9.6%

1 BR$1,070▲ 9.2%

2 BR$1,320▲ 10.0%

3 BR$1,840▲ 9.5%

4 BR$2,160▲ 8.5%

FY2027 FY2026

Where 87023 sits in the Albuquerque, NM area

Of the 87 ZIP codes HUD lists for the area, 87023 has the 59th highest two-bedroom Small Area FMR. Albuquerque, NM is not on HUD's list of mandatory Small Area FMR areas, so voucher payment standards here are normally based on the area-wide FMR of $1,384 for two bedrooms; an agency that opts in to Small Area FMRs would use $1,320 for this ZIP code instead.

All unit sizes

Monthly gross rent including utilities
Unit	FY2027 SAFMR	Payment standard range	Area-wide FMR	FY2026 SAFMR
Studio	$910	$819 – $1,001	$977	$830
1 bedroom	$1,070	$963 – $1,177	$1,112	$980
2 bedrooms	$1,320	$1,188 – $1,452	$1,384	$1,200
3 bedrooms	$1,840	$1,656 – $2,024	$1,902	$1,680
4 bedrooms	$2,160	$1,944 – $2,376	$2,242	$1,990

A household renting a two-bedroom home at the Small Area FMR of $1,320 needs about $52,800 a year to keep housing costs at 30% of income. The area median family income is $100,400 and the 80% low-income limit for four people is $80,300. ZIP code 87023 lies mainly in Valencia County. See the Albuquerque, NM metro page for the full income limits table and the household check.

Nearby ZIP codes

ZIP	Place	Distance	2 BR SAFMR
87002	Belen	6.1 mi	$1,320
87006	Bosque	9.0 mi	$1,320
87060	Tome	10.0 mi	$1,380
87062	Veguita	12.4 mi	$1,320
87028	La Joya	15.2 mi	$1,010
87031	Los Lunas	15.6 mi	$1,380

Questions

What is the Fair Market Rent for ZIP code 87023?

HUD's FY2027 Small Area Fair Market Rents for 87023 are $910 (studio), $1,070 (1 BR), $1,320 (2 BR), $1,840 (3 BR) and $2,160 (4 BR) a month.

What is the Section 8 payment standard in 87023?

Housing agencies set payment standards between 90% and 110% of the applicable FMR without HUD approval. For a two-bedroom unit in 87023 that range is $1,188 to $1,452 if the agency uses Small Area FMRs. Ask your housing agency for its actual payment standard.

Which income limits apply in 87023?

The FY2026 income limits of the Albuquerque, NM area apply: median family income $100,400, low-income (80%) limit $80,300 for a family of four.