The PHA sets a payment standard ranging from 90% to 110% of the Fair Market Rents (FMRs).

Salem, NM 87941's Section 8 Fair Market Rent

In the year 2024, as a landlord, if you're looking to rent your property to a Section 8 tenant or another housing voucher program in the 87941 zip code area, you can consider the following rental prices based on HUD income limits.

Efficiency:The efficiency rental rates range from a low of $594 to a high of $726, with an average of $660.
One-bedroom: One-bedroom rental prices vary, with a minimum of $702, a maximum of $858, and an average of $780.
Two-bedroom: The rental rates for two-bedroom apartments exhibit a range, starting at a minimum of $792, peaking at a maximum of $968, and averaging at $880.
Three-bedroom: Three-bedroom rental rates exhibit a range, with a minimum of $1,107, a maximum of $1,353, and an average of $1,230.
Four-bedroom: The rental prices for four-bedroom properties fluctuate, ranging from a minimum of $1,242 to a maximum of $1,518, with an average of $1,380.

The fair market rent mentioned already includes all utilities. If a landlord chooses not to provide utility coverage, they can subtract the utility costs from the rent to determine the adjusted rental price.

Each housing authority establishes its own rental rates, so you should check the pricing set by that specific housing authority to determine the maximum amount they can offer. It's advisable to adhere to their pricing guidelines.

HUD's Fair Market Rent guides Section 8 rates for your rental unit.

Year City, State, Zipcode HUD Fair Market Rent Bedrooms
Studio 1 Bedroom 2 Bedroom 3 Bedroom 4 Bedroom
2024 Salem, NM 87941 Low Rent (90%) $594 $702 $792 $1,107 $1,242
Average Rent $660 $780 $880 $1,230 $1,380
High Rent(110%) $726 $858 $968 $1,353 $1,518
2023 Salem, NM 87941 Low Rent (90%) $576 $621 $720 $1,017 $1,170
Average Rent $640 $690 $800 $1,130 $1,300
High Rent (110%) $704 $759 $880 $1,243 $1,430
2022 Salem, NM 87941 Low Rent (90%) $531 $540 $657 $927 $1,089
Average Rent $590 $600 $730 $1,030 $1,210
High Rent(110%) $649 $660 $803 $1,133 $1,331
2021 Salem, NM 87941 Low Rent (90%) $513 $540 $657 $954 $1,143
Average Rent $570 $600 $730 $1,060 $1,270
High Rent (110%) $627 $660 $803 $1,166 $1,397
2020 Salem, NM 87941 Low Rent (90%) $468 $522 $639 $936 $1,116
Average Rent $520 $580 $710 $1,040 $1,240
High Rent(110%) $572 $638 $781 $1,144 $1,364
2019 Salem, NM 87941 Low Rent (90%) $459 $513 $630 $909 $1,089
Average Rent $510 $570 $700 $1,010 $1,210
High Rent (110%) $561 $627 $770 $1,111 $1,331


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