FY2027 Small Area FMR · Albuquerque, NM

ZIP 87121 Fair Market Rent & Payment Standards

HUD's FY2027 Small Area Fair Market Rent for a two-bedroom home in ZIP code 87121 (Albuquerque, NM) is $1,630 a month, down 5.8% from FY2026. That is 18% above the Albuquerque, NM area-wide FMR of $1,384.

2-bedroom SAFMR$1,630per month ▼ 5.8%

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

Rank in the area12thof 87 ZIP codes

Payment standard range, 2 bedrooms

90% of SAFMR$1,467

2 BR Small Area FMR$1,630

110% of SAFMR$1,793

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

Studio$1,150▼ 3.4%

1 BR$1,310▼ 6.4%

2 BR$1,630▼ 5.8%

3 BR$2,240▼ 7.1%

4 BR$2,640▼ 6.7%

FY2027 FY2026

Where 87121 sits in the Albuquerque, NM area

Of the 87 ZIP codes HUD lists for the area, 87121 has the 12th 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 $1,630 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	$1,150	$1,035 – $1,265	$977	$1,190
1 bedroom	$1,310	$1,179 – $1,441	$1,112	$1,400
2 bedrooms	$1,630	$1,467 – $1,793	$1,384	$1,730
3 bedrooms	$2,240	$2,016 – $2,464	$1,902	$2,410
4 bedrooms	$2,640	$2,376 – $2,904	$2,242	$2,830

A household renting a two-bedroom home at the Small Area FMR of $1,630 needs about $65,200 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 87121 lies mainly in Bernalillo 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
87151	Albuquerque	4.7 mi	$1,630
87120	Albuquerque	7.2 mi	$1,700
87104	Albuquerque	11.1 mi	$1,330
87102	Albuquerque	12.7 mi	$1,320
87114	Albuquerque	12.9 mi	$1,560
87124	Rio Rancho	13.4 mi	$1,680

Questions

What is the Fair Market Rent for ZIP code 87121?

HUD's FY2027 Small Area Fair Market Rents for 87121 are $1,150 (studio), $1,310 (1 BR), $1,630 (2 BR), $2,240 (3 BR) and $2,640 (4 BR) a month.

What is the Section 8 payment standard in 87121?

Housing agencies set payment standards between 90% and 110% of the applicable FMR without HUD approval. For a two-bedroom unit in 87121 that range is $1,467 to $1,793 if the agency uses Small Area FMRs. Ask your housing agency for its actual payment standard.

Which income limits apply in 87121?

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.