JeffCroweCRE

Housing market/New Mexico/ZIP 87401

ACS 2023 · FY2027 SAFMR

ZIP 87401 Farmington, New Mexico

Farmington, NM MSA · New Mexico. Census housing stock, renter economics, HUD SAFMR, LIHTC, and population change. Not a listing page and not a buy/sell score.

Population
45,020
Households
15,641
Median HH income
$56,358
Renter share
37.7%
Median gross rent
$983
Vacancy
11.2%
Pop. change
-5.2%
2BR SAFMR
$1,190
SAFMR / rent
1.211×
2–49 unit stock
3,030
LIHTC proj / units
6 / 356
HUD assisted MF
3 / 186

ZIP brief

Email this profile

HUD schedule, ACS stock, and the 90–110% band for ZIP 87401 · NM — sent to you.

ZIP 87401 · NM

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ACS rent vs 2BR SAFMR

ZIP 87401 — Farmington, NM HUD Section 8 Payment Standards / SAFMR →
ACS median rent$983
2BR SAFMR$1,190
90% floor$1,071
110% ceiling$1,309

ACS median is all-bedroom occupied rent. SAFMR is the 2-bedroom HCV benchmark.

Housing stock

ACS 2023 units-in-structure · ZCTA 87401

  • 1-unit detached8,66549.4%
  • 1-unit attached6203.5%
  • 2–4 units1,99111.4%
  • 5–49 units1,0395.9%
  • 50+ units1590.9%
  • Mobile5,05728.8%
TypeUnitsShare
1-unit detached8,66549.2%
1-unit attached6203.5%
2 units (duplex)3732.1%
3–4 units1,6189.2%
5–9 units4272.4%
10–19 units2981.7%
20–49 units3141.8%
50+ units1590.9%
Mobile5,05728.7%

2–4 unit share 11.3% · 5–49 unit share 5.9% · combined 2–49 17.2%.

Units by bedrooms

Studio
560
1BR
863
2BR
4,334
3BR
9,029
4BR
2,514
5+
311

Rent burden

Rent ≥30% of income46.7%
Rent ≥50% of income22.0%
  • ACS median gross rent $983 (all bedrooms, occupied rentals).
  • Median contract rent $808.
  • Renters paying ≥30% of income 46.7%; ≥50% 22.0%.
  • FY2027 2BR SAFMR $1,190 (1.211× ACS median gross rent).

Population

45,020 residents · ACS 2023

Change versus the 2018 ACS 5-year estimate: -5.2%.

ACS 5-year estimates lag current construction. This is not a forecast.

Assisted inventory

  • LIHTC: 6 projects, 356 units.
  • HUD project-based assisted MF: 3 properties, 186 assisted units.
  • HCV household counts (Picture of Subsidized Households) are not on this page yet.

New apartment permits

About 0 new apartments in 5+ unit buildings may have been permitted in this ZIP’s share of the county. That is units (doors), not a building count.

Cities and counties report building permits to the Census. Apartment counts are for the whole county, not a project list in this ZIP.

What the data shows

ZIP 87401 37.7% of occupied households are renters; vacancy is 11.2%; ACS median gross rent is $983; population changed -5.2% between the 2018 and 2023 ACS vintages; the housing stock includes 1,991 units in 2–4-unit structures and 1,039 units in 5–49-unit structures; 6 LIHTC projects totaling 356 units; FY2027 2BR SAFMR is $1,190 versus ACS median gross rent of $983. These figures describe the underlying housing market, not the cash flow of any one property. Asking rents, expenses, condition, taxes, insurance, and the rent roll have to be underwritten separately.

New Mexico research

ZIP 87401 is a Census / HUD profile for Farmington, NM. Not a listing page. Brokerage is Georgia; out-of-state work is referral.

ZIP 87401 — Farmington, NM HUD Section 8 Payment Standards / SAFMR·New Mexico ZIP directory

Nearby ZIPs in this FMR area

ZIPPlaceRentersMed. rent2BR SAFMR
87364Farmington, NM MSA11.1%$704$1,01087402Farmington, NM MSA22.6%$1,042$1,22087410Farmington, NM MSA23.2%$802$1,01087413Farmington, NM MSA26.1%$898$1,11087415Farmington, NM MSA22.7%$1,555$1,47087416Farmington, NM MSA19.7%$888$1,23087417Farmington, NM MSA30.6%$799$1,01087418Farmington, NM MSA13.3%—$1,24087420Farmington, NM MSA45.1%$693$1,01087421Farmington, NM MSA24.8%$1,647$1,18087455Farmington, NM MSA16.5%$625$1,01087461Farmington, NM MSA5.6%—$1,010

Census ZIP areas approximate mail ZIPs. Sources: Census ACS 5-year 2023, HUD FY2027 Small Area FMR, HUD LIHTC and assisted multifamily lists, Census building permits (county). This page is New Mexico research. Brokerage is Georgia.

FAQ

What is the housing market like in ZIP 87401?

ZIP 87401 (Farmington, NM MSA) has 45,020 residents, 15,641 households, a renter share of 37.7%, median household income of $56,358, and ACS 2023 median gross rent of $983. Vacancy is 11.2%. These are ZCTA estimates, not a property rent roll.

How much small multifamily housing is in 87401?

ACS counts 373 units in 2-unit buildings, 1,618 in 3–4 unit buildings, 427 in 5–9, 298 in 10–19, and 314 in 20–49. Combined 2–49 unit stock is 3,030 units. This is occupied-and-vacant stock, not listings for sale.

What is the Section 8 rent in 87401?

The Housing Choice Voucher benchmark is the FY2027 Small Area FMR. 2-bedroom SAFMR is $1,190. See the full schedule and 90–110% payment-standard band on the ZIP 87401 — Farmington, NM HUD Section 8 Payment Standards / SAFMR.

Does this New Mexico ZIP profile include Georgia listings?

No. ZIP 87401 is Census / HUD research for Farmington, NM MSA. Jeff Crowe CRE does not list New Mexico property. Licensed brokerage is Georgia. If you use this stock table and then buy in Georgia, live FMLS Residential Income is on multifamily for sale in Georgia.