FY2027 Small Area FMR · Santa Fe, NM

ZIP 87508 Fair Market Rent & Payment Standards

HUD's FY2027 Small Area Fair Market Rent for a two-bedroom home in ZIP code 87508 (Santa Fe, NM) is $2,020 a month, down 1.5% from FY2026. That is 16% above the Santa Fe, NM area-wide FMR of $1,735.

2-bedroom SAFMR$2,020per month ▼ 1.5%

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

Rank in the area1stof 22 ZIP codes

Payment standard range, 2 bedrooms

90% of SAFMR$1,818

2 BR Small Area FMR$2,020

110% of SAFMR$2,222

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

Studio$1,470▼ 3.9%

1 BR$1,640▼ 3.0%

2 BR$2,020▼ 1.5%

3 BR$2,480▼ 3.9%

4 BR$2,650▼ 2.2%

FY2027 FY2026

Where 87508 sits in the Santa Fe, NM area

Of the 22 ZIP codes HUD lists for the area, 87508 has the 1st 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 $2,020 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	$1,470	$1,323 – $1,617	$1,260	$1,530
1 bedroom	$1,640	$1,476 – $1,804	$1,413	$1,690
2 bedrooms	$2,020	$1,818 – $2,222	$1,735	$2,050
3 bedrooms	$2,480	$2,232 – $2,728	$2,134	$2,580
4 bedrooms	$2,650	$2,385 – $2,915	$2,280	$2,710

A household renting a two-bedroom home at the Small Area FMR of $2,020 needs about $80,800 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 87508 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
87540	Lamy	6.3 mi	$1,900
87505	Santa Fe	8.6 mi	$1,780
87507	Santa Fe	9.2 mi	$1,590
87010	Cerrillos	12.2 mi	$1,690
87535	Glorieta	12.4 mi	$1,720
87501	Santa Fe	16.2 mi	$1,960

Questions

What is the Fair Market Rent for ZIP code 87508?

HUD's FY2027 Small Area Fair Market Rents for 87508 are $1,470 (studio), $1,640 (1 BR), $2,020 (2 BR), $2,480 (3 BR) and $2,650 (4 BR) a month.

What is the Section 8 payment standard in 87508?

Housing agencies set payment standards between 90% and 110% of the applicable FMR without HUD approval. For a two-bedroom unit in 87508 that range is $1,818 to $2,222 if the agency uses Small Area FMRs. Ask your housing agency for its actual payment standard.

Which income limits apply in 87508?

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.