HUD Fair Market Rent · FY 2027 · Effective Oct 1, 2026 to Sep 30, 2027
Fair Market Rent in Santa Fe County, New Mexico (FY 2027)
HUD's FY 2027 Fair Market Rent for a two-bedroom in Santa Fe County is $1,735 a month. That's the number the housing authority starts from when it sets Section 8 payment standards here.
Two-bedroom FMR
$1,735
+3.0% from FY 2026
Payment standard
$1,562–$1,909
90% to 110% of the FMR, two-bedroom
Income to afford
$69,400
a year, with rent at 30% of income
Rank in New Mexico
2nd 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 | $1,260 | $1,134–$1,386 | $50,400 | $24.23/hr | +0.1% |
| 1 bedroom | $1,413 | $1,272–$1,554 | $56,520 | $27.17/hr | +1.7% |
| 2 bedroom | $1,735 | $1,562–$1,909 | $69,400 | $33.37/hr | +3.0% |
| 3 bedroom | $2,134 | $1,921–$2,347 | $85,360 | $41.04/hr | +0.6% |
| 4 bedroom | $2,280 | $2,052–$2,508 | $91,200 | $43.85/hr | +2.2% |
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 | $2,622 | $2,360–$2,884 |
| 6 bedroom Estimate | $2,964 | $2,668–$3,260 |
| 7 bedroom Estimate | $3,306 | $2,975–$3,637 |
| 8 bedroom Estimate | $3,648 | $3,283–$4,013 |
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 Santa Fe actually rent for?
Search any address in Santa Fe 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 Santa Fe somewhere between $1,562 and $1,909. 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.
$1,735 a month is affordable, by HUD's 30% rule, on an income of roughly $69,400 a year. Put another way, $33 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%$1,562 | Voucher pays at 100%$1,735 | Voucher pays at 110%$1,909 |
|---|---|---|---|---|
| $2,500 | $750 | $812 | $985 | $1,159 |
| $4,000 | $1,200 | $362 | $535 | $709 |
Rate history
The two-bedroom rate went up 3% from FY 2026 ($1,685) to FY 2027 ($1,735). Since FY 2020 it's up 64% in total, about 7.3% 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 | $802 | $928 | $1,057 | $1,376 | $1,534 | — |
| FY 2021 | $804 | $940 | $1,071 | $1,363 | $1,571 | +1.3% |
| FY 2022 | $842 | $975 | $1,113 | $1,419 | $1,729 | +3.9% |
| FY 2023 | $952 | $1,087 | $1,249 | $1,597 | $1,775 | +12.2% |
| FY 2024 | $1,171 | $1,317 | $1,535 | $1,960 | $2,044 | +22.9% |
| FY 2025 | $1,235 | $1,368 | $1,627 | $2,057 | $2,157 | +6.0% |
| FY 2026 | $1,259 | $1,390 | $1,685 | $2,122 | $2,231 | +3.6% |
| FY 2027In effect | $1,260 | $1,413 | $1,735 | $2,134 | $2,280 | +3.0% |
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 Santa Fe, that runs from $1,260 for a studio up to $2,280 for four bedrooms, all five rates in the table above.
Santa Fe is its own HUD metro area (Santa Fe, NM), so the rate here is set from rents inside the county rather than a wider region.
Among New Mexico's 33 counties, Santa Fe ranks 2nd for two-bedroom FMR. That's about 63% above the state median of $1,063 and about 63% above the national median county at $1,063. About 156,105 people live here, 3rd in the state.
Rates by ZIP code
Zoom in and the picture changes. HUD's Small Area FMRs put a two-bedroom at $1,520 in 87015 (Edgewood) and $2,020 in 87508 (Santa Fe), with the 16 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 |
|---|---|---|---|
| 87010 | Cerrillos | $1,690 | -2.6% |
| 87015 | Edgewood | $1,520 | -12.4% |
| 87056 | Stanley | $1,740 | +0.3% |
| 87501 | Santa Fe | $1,960 | +13.0% |
| 87502 | Santa Fe | $1,740 | +0.3% |
| 87503 | Santa Fe | $1,735County rate | — |
| 87504 | Santa Fe | $1,740 | +0.3% |
| 87505 | Santa Fe | $1,780 | +2.6% |
| 87506 | Santa Fe | $1,570 | -9.5% |
| 87507 | Santa Fe | $1,590 | -8.4% |
| 87508 | Santa Fe | $2,020 | +16.4% |
| 87509 | Santa Fe | $1,735County rate | — |
| 87535 | Glorieta | $1,720 | -0.9% |
| 87540 | Lamy | $1,900 | +9.5% |
| 87567 | Santa Cruz | $1,520 | -12.4% |
| 87574 | Tesuque | $1,740 | +0.3% |
| 87592 | Santa Fe | $1,740 | +0.3% |
| 87594 | Santa Fe | $1,740 | +0.3% |
Nearby counties
Two-bedroom FMR, with how each compares to Santa Fe.
Los Alamos County
25 mi · 19,435 people
$1,874
+8%
Sandoval County
40 mi · 153,604 people
$1,384
-20%
San Miguel County
42 mi · 26,850 people
$1,077
-38%
Bernalillo County
50 mi · 673,930 people
$1,384
-20%
Rio Arriba County
53 mi · 40,070 people
$1,014
-42%
Mora County
54 mi · 4,149 people
$1,014
-42%
Torrance County
59 mi · 15,490 people
$1,384
-20%
Taos County
65 mi · 34,543 people
$1,292
-26%
Questions people ask
$1,735 a month for FY 2027, which runs October 1, 2026 through September 30, 2027. The other rates are $1,260 for a studio, $1,413 for one bedroom, $2,134 for three and $2,280 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 Santa Fe actually go for?
HUD's number is one input. Search any address in Santa Fe for a rent estimate built from nearby comps. Free to start, no card.
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