HUD Fair Market Rent · FY 2027 · Effective Oct 1, 2026 to Sep 30, 2027
Fair Market Rent in Lea County, New Mexico (FY 2027)
HUD's FY 2027 Fair Market Rent for a two-bedroom in Lea County is $1,327 a month. That's the number the housing authority starts from when it sets Section 8 payment standards here.
Two-bedroom FMR
$1,327
+0.2% from FY 2026
Payment standard
$1,194–$1,460
90% to 110% of the FMR, two-bedroom
Income to afford
$53,080
a year, with rent at 30% of income
Rank in New Mexico
7th of 33
by two-bedroom FMR, highest first
FY 2027 Fair Market Rents
Payment standard is the 90% to 110% band a housing authority can set. Income needed puts rent at 30% of gross income, and the hourly wage assumes a 40-hour week.
| Bedrooms | FMR | Payment standard | Income needed | Hourly wage | vs FY 2026 |
|---|---|---|---|---|---|
| Studio | $1,111 | $1,000–$1,222 | $44,440 | $21.37/hr | +4.6% |
| 1 bedroom | $1,117 | $1,005–$1,229 | $44,680 | $21.48/hr | +4.6% |
| 2 bedroom | $1,327 | $1,194–$1,460 | $53,080 | $25.52/hr | +0.2% |
| 3 bedroom | $1,670 | $1,503–$1,837 | $66,800 | $32.12/hr | +1.8% |
| 4 bedroom | $1,823 | $1,641–$2,005 | $72,920 | $35.06/hr | -0.3% |
Five to eight bedrooms (PropMetrics estimates)
HUD stops at four bedrooms. These add 15% of the four-bedroom rent per extra bedroom. It's our estimate, not a HUD number.
| Bedrooms | Estimated FMR | Payment standard |
|---|---|---|
| 5 bedroom Estimate | $2,096 | $1,886–$2,306 |
| 6 bedroom Estimate | $2,370 | $2,133–$2,607 |
| 7 bedroom Estimate | $2,643 | $2,379–$2,907 |
| 8 bedroom Estimate | $2,917 | $2,625–$3,209 |
Source: HUD Office of Policy Development and Research, FY 2027 Fair Market Rents. Rents include utilities. huduser.gov
Market check
HUD's number is one input. What does a two-bedroom in Lea actually rent for?
Search any address in Lea for a rent estimate built from nearby comps, with the HUD figure right next to it.
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What a voucher pays here
The voucher doesn't pay the FMR itself. It pays the payment standard. Housing authorities set it anywhere from 90% to 110% of FMR, which puts a two-bedroom standard in Lea somewhere between $1,194 and $1,460. The tenant pays roughly 30% of their income, the voucher covers the rest up to the standard, and the PHA won't approve a rent above what comparable unassisted units get.
$1,327 a month is affordable, by HUD's 30% rule, on an income of roughly $53,080 a year. Put another way, $26 an hour full time.
Worked example for a two-bedroom renting at the payment standard. The tenant pays 30% of monthly income and the voucher covers the rest.
| Monthly household income | Tenant pays (30%) | Voucher pays at 90%$1,194 | Voucher pays at 100%$1,327 | Voucher pays at 110%$1,460 |
|---|---|---|---|---|
| $2,500 | $750 | $444 | $577 | $710 |
| $4,000 | $1,200 | $0 | $127 | $260 |
Rate history
The two-bedroom rate went up 0% from FY 2026 ($1,324) to FY 2027 ($1,327). Since FY 2020 it's up 40% in total, about 4.9% a year. The New Mexico median moved up 2% over the same year.
| Fiscal year | Studio | 1 BR | 2 BR | 3 BR | 4 BR | 2BR change |
|---|---|---|---|---|---|---|
| FY 2020 | $717 | $722 | $951 | $1,239 | $1,434 | — |
| FY 2021 | $749 | $779 | $1,026 | $1,327 | $1,507 | +7.9% |
| FY 2022 | $675 | $707 | $930 | $1,205 | $1,357 | -9.4% |
| FY 2023 | $688 | $776 | $1,021 | $1,319 | $1,463 | +9.8% |
| FY 2024 | $801 | $889 | $1,168 | $1,487 | $1,642 | +14.4% |
| FY 2025 | $806 | $862 | $1,131 | $1,397 | $1,599 | -3.2% |
| FY 2026 | $1,062 | $1,068 | $1,324 | $1,641 | $1,829 | +17.1% |
| FY 2027In effect | $1,111 | $1,117 | $1,327 | $1,670 | $1,823 | +0.2% |
About this rate
Fair Market Rent is HUD's estimate of what a modest, decent unit rents for in an area, utilities included. It's set once a year and runs October to September. For FY 2027 that's October 1, 2026 through September 30, 2027. In Lea, that runs from $1,111 for a studio up to $1,823 for four bedrooms, all five rates in the table above.
Because Lea sits outside any HUD metro area, its rate is a county-wide figure built from local rents. One number covers every address in the county, Hobbs included.
Among New Mexico's 33 counties, Lea ranks 7th for two-bedroom FMR. That's about 25% above the state median of $1,063 and about 25% above the national median county at $1,063. About 73,733 people live here, 7th in the state.
Rates by ZIP code
Zoom in and the picture changes. HUD's Small Area FMRs put a two-bedroom at $1,200 in 88267 (Tatum) and $1,660 in 88242 (Hobbs), with the 13 ZIP codes in between. Housing authorities in HUD-designated metros use those ZIP rates instead of the county rate. Everywhere else the ZIP numbers show where rents actually sit, and the county rate stays the official standard.
| ZIP | City | 2BR rate | vs county |
|---|---|---|---|
| 88114 | Crossroads | $1,330 | +0.2% |
| 88213 | Caprock | $1,330 | +0.2% |
| 88231 | Eunice | $1,350 | +1.7% |
| 88240 | Hobbs | $1,330 | +0.2% |
| 88241 | Hobbs | $1,330 | +0.2% |
| 88242 | Hobbs | $1,660 | +25.1% |
| 88244 | Hobbs | $1,330 | +0.2% |
| 88252 | Jal | $1,280 | -3.5% |
| 88260 | Lovington | $1,240 | -6.6% |
| 88262 | Mcdonald | $1,240 | -6.6% |
| 88264 | Maljamar | $1,240 | -6.6% |
| 88265 | Monument | $1,340 | +1.0% |
| 88267 | Tatum | $1,200 | -9.6% |
Nearby counties
Two-bedroom FMR, with how each compares to Lea.
Eddy County
61 mi · 61,105 people
$1,252
-6%
Chaves County
69 mi · 64,217 people
$1,091
-18%
Roosevelt County
72 mi · 18,928 people
$1,014
-24%
Curry County
114 mi · 47,638 people
$1,151
-13%
De Baca County
122 mi · 1,576 people
$1,014
-24%
Lincoln County
134 mi · 20,224 people
$1,063
-20%
Otero County
146 mi · 68,816 people
$1,014
-24%
Quay County
154 mi · 8,564 people
$1,019
-23%
Questions people ask
$1,327 a month for FY 2027, which runs October 1, 2026 through September 30, 2027. The other rates are $1,111 for a studio, $1,117 for one bedroom, $1,670 for three and $1,823 for four.
Tools for this county
Fair Market Rent lookup
Any ZIP code's Small Area FMR by bedroom count
Section 8 rent calculator
Payment standard and tenant share for a specific rent
What is Fair Market Rent?
How HUD calculates FMR and what it means for landlords
Rent affordability calculator
The income a household needs for a given rent
What does a rental in Lea actually go for?
HUD's number is one input. Search any address in Lea for a rent estimate built from nearby comps. Free to start, no card.
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