FY2027 Small Area FMR · Santa Fe, NM

ZIP 87501 Fair Market Rent & Payment Standards

HUD's FY2027 Small Area Fair Market Rent for a two-bedroom home in ZIP code 87501 (Santa Fe, NM) is $1,960 a month, up 1.6% from FY2026. That is 13% above the Santa Fe, NM area-wide FMR of $1,735.

2-bedroom SAFMR$1,960per month ▲ 1.6%

Area-wide 2 BR FMR$1,735Santa Fe, NM

Rank in the area2ndof 22 ZIP codes

Payment standard range, 2 bedrooms

90% of SAFMR$1,764

2 BR Small Area FMR$1,960

110% of SAFMR$2,156

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

Studio$1,420▼ 1.4%

1 BR$1,600▲ 0.6%

2 BR$1,960▲ 1.6%

3 BR$2,410▼ 0.8%

4 BR$2,580▲ 0.8%

FY2027 FY2026

Where 87501 sits in the Santa Fe, NM area

Of the 22 ZIP codes HUD lists for the area, 87501 has the 2nd highest two-bedroom Small Area FMR. Santa Fe, 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 $1,735 for two bedrooms; an agency that opts in to Small Area FMRs would use $1,960 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	$1,420	$1,278 – $1,562	$1,260	$1,440
1 bedroom	$1,600	$1,440 – $1,760	$1,413	$1,590
2 bedrooms	$1,960	$1,764 – $2,156	$1,735	$1,930
3 bedrooms	$2,410	$2,169 – $2,651	$2,134	$2,430
4 bedrooms	$2,580	$2,322 – $2,838	$2,280	$2,560

A household renting a two-bedroom home at the Small Area FMR of $1,960 needs about $78,400 a year to keep housing costs at 30% of income. The area median family income is $118,600 and the 80% low-income limit for four people is $87,500. ZIP code 87501 lies mainly in Santa Fe County. See the Santa Fe, NM county page for the full income limits table and the household check.

Nearby ZIP codes

ZIP	Place	Distance	2 BR SAFMR
87506	Santa Fe	8.6 mi	$1,570
87505	Santa Fe	8.6 mi	$1,780
87573	Tererro	10.1 mi	$1,550
87522	Chimayo	13.4 mi	$1,520
87552	Pecos	15.8 mi	$1,520
87535	Glorieta	16.1 mi	$1,720

Questions

What is the Fair Market Rent for ZIP code 87501?

HUD's FY2027 Small Area Fair Market Rents for 87501 are $1,420 (studio), $1,600 (1 BR), $1,960 (2 BR), $2,410 (3 BR) and $2,580 (4 BR) a month.

What is the Section 8 payment standard in 87501?

Housing agencies set payment standards between 90% and 110% of the applicable FMR without HUD approval. For a two-bedroom unit in 87501 that range is $1,764 to $2,156 if the agency uses Small Area FMRs. Ask your housing agency for its actual payment standard.

Which income limits apply in 87501?

The FY2026 income limits of the Santa Fe, NM area apply: median family income $118,600, low-income (80%) limit $87,500 for a family of four.