FY2027 Small Area FMR · Montezuma, NM

ZIP 87731 Fair Market Rent & Payment Standards

HUD's FY2027 Small Area Fair Market Rent for a two-bedroom home in ZIP code 87731 (Montezuma, NM) is $1,120 a month, up 10.9% from FY2026. That is 4% above the San Miguel County, NM area-wide FMR of $1,077.

2-bedroom SAFMR$1,120per month ▲ 10.9%

Area-wide 2 BR FMR$1,077San Miguel County, NM

Rank in the area6thof 20 ZIP codes

Payment standard range, 2 bedrooms

90% of SAFMR$1,008

2 BR Small Area FMR$1,120

110% of SAFMR$1,232

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

Studio$830▲ 6.4%

1 BR$970▲ 5.4%

2 BR$1,120▲ 10.9%

3 BR$1,550▲ 10.7%

4 BR$1,760▲ 8.0%

FY2027 FY2026

Where 87731 sits in the San Miguel County, NM area

Of the 20 ZIP codes HUD lists for the area, 87731 has the 6th highest two-bedroom Small Area FMR. San Miguel County, 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 $1,077 for two bedrooms; an agency that opts in to Small Area FMRs would use $1,120 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	$830	$747 – $913	$796	$780
1 bedroom	$970	$873 – $1,067	$925	$920
2 bedrooms	$1,120	$1,008 – $1,232	$1,077	$1,010
3 bedrooms	$1,550	$1,395 – $1,705	$1,491	$1,400
4 bedrooms	$1,760	$1,584 – $1,936	$1,689	$1,630

A household renting a two-bedroom home at the Small Area FMR of $1,120 needs about $44,800 a year to keep housing costs at 30% of income. The area median family income is $74,300 and the 80% low-income limit for four people is $59,450. ZIP code 87731 lies mainly in San Miguel County. See the San Miguel County, NM county page for the full income limits table and the household check.

Nearby ZIP codes

ZIP	Place	Distance	2 BR SAFMR
87745	Sapello	11.7 mi	$1,080
87552	Pecos	12.9 mi	$1,520
87712	Buena Vista	14.6 mi	$1,010
87742	Rociada	14.7 mi	$1,060
87732	Mora	16.1 mi	$1,010
87573	Tererro	16.9 mi	$1,550

Questions

What is the Fair Market Rent for ZIP code 87731?

HUD's FY2027 Small Area Fair Market Rents for 87731 are $830 (studio), $970 (1 BR), $1,120 (2 BR), $1,550 (3 BR) and $1,760 (4 BR) a month.

What is the Section 8 payment standard in 87731?

Housing agencies set payment standards between 90% and 110% of the applicable FMR without HUD approval. For a two-bedroom unit in 87731 that range is $1,008 to $1,232 if the agency uses Small Area FMRs. Ask your housing agency for its actual payment standard.

Which income limits apply in 87731?

The FY2026 income limits of the San Miguel County, NM area apply: median family income $74,300, low-income (80%) limit $59,450 for a family of four.