HUD Fair Market Rent · FY 2026 · effective Oct 1, 2025 to Sep 30, 2026
Fair Market Rent in Sierra County, New Mexico (FY 2026)
$1,004 a month. That's HUD's FY 2026 Fair Market Rent for a two-bedroom in Sierra County, and it's the baseline every voucher in Sierra is measured against.
2 bedroom FMR
$1,004
FY 2026, utilities included
Payment standard range
$904 to $1,104
90% to 110% of FMR
Income to afford 2BR
$40,160
per year, at 30% of income
Rank in New Mexico
19th of 33
by 2BR FMR
HUD has already published FY 2027. On October 1, 2026 the two-bedroom rate in Sierra moves to $1,014. That's up 1%. The full FY 2027 table is in the history section below.
HUD's number is one input. What does a two-bedroom in Sierra actually rent for?
Search any address in Sierra for a rent estimate built from nearby comps, with the HUD figure right next to it.
FY 2026 Fair Market Rents
| Bedrooms | FMR | Payment standard | Income needed | Hourly wage | vs FY 2025 |
|---|---|---|---|---|---|
| Studio | $692 | $623 to $761 | $27,680 | $13.31/hr | +8.1% |
| 1 bedroom | $765 | $689 to $842 | $30,600 | $14.71/hr | +7.6% |
| 2 bedroom | $1,004 | $904 to $1,104 | $40,160 | $19.31/hr | +7.6% |
| 3 bedroom | $1,396 | $1,256 to $1,536 | $55,840 | $26.85/hr | +6.8% |
| 4 bedroom | $1,619 | $1,457 to $1,781 | $64,760 | $31.13/hr | +4.5% |
5 to 8 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 | $1,862 | $1,676 to $2,048 |
| 6 bedroom Estimate | $2,105 | $1,895 to $2,316 |
| 7 bedroom Estimate | $2,348 | $2,113 to $2,583 |
| 8 bedroom Estimate | $2,590 | $2,331 to $2,849 |
Source: HUD Office of Policy Development and Research, FY 2026 Fair Market Rents. Rents include utilities. huduser.gov
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 2026 that's October 1, 2025 through September 30, 2026. In Sierra, that runs from $692 for a studio up to $1,619 for four bedrooms, all five rates in the table above.
Because Sierra 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, Spaceport City included.
Among New Mexico's 33 counties, Sierra ranks 19th for two-bedroom FMR. That's about 3% below the state median of $1,040 and within a couple percent of the national median county at $1,018. About 11,506 people live here, 25th in the state.
Rates by ZIP code
Zoom in and the picture changes. HUD's Small Area FMRs put a two-bedroom at $970 in 87901 (Truth Or Consequences) and $1,420 in 87935 (Elephant Butte), with the 10 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.
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 Sierra somewhere between $904 and $1,104. 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.
$1,004 a month is affordable, by HUD's 30% rule, on an income of roughly $40,160 a year. Put another way, $19 an hour full time.
Worked example for a two-bedroom, assuming the rent equals the payment standard. Tenant pays 30% of monthly income, HUD's housing assistance payment covers the rest.
| Monthly household income | Tenant pays (30%) | HAP at 90% ($904) | HAP at 100% ($1,004) | HAP at 110% ($1,104) |
|---|---|---|---|---|
| $2,500 | $750 | $154 | $254 | $354 |
| $4,000 | $1,200 | $0 | $0 | $0 |
Rate history
The two-bedroom rate went up 8% from FY 2025 ($933) to FY 2026 ($1,004). Since FY 2020 it's up 37% in total, about 5.4% a year. The New Mexico median moved up 11% over the same year.
| Year | Studio | 1 BR | 2 BR | 3 BR | 4 BR | 2BR change |
|---|---|---|---|---|---|---|
| FY 2020 | $493 | $557 | $733 | $1,002 | $1,136 | — |
| FY 2021 | $496 | $571 | $752 | $1,016 | $1,023 | +2.6% |
| FY 2022 | $482 | $552 | $726 | $981 | $985 | -3.5% |
| FY 2023 | $532 | $604 | $795 | $1,130 | $1,354 | +9.5% |
| FY 2024 | $594 | $667 | $877 | $1,236 | $1,488 | +10.3% |
| FY 2025 | $640 | $711 | $933 | $1,307 | $1,549 | +6.4% |
| FY 2026 | $692 | $765 | $1,004 | $1,396 | $1,619 | +7.6% |
| FY 2027 | $706 | $780 | $1,014 | $1,404 | $1,590 | +1.0% |
Nearby counties
Questions people ask
$1,004 a month for FY 2026, which runs October 1, 2025 through September 30, 2026. The other rates are $692 for a studio, $765 for one bedroom, $1,396 for three and $1,619 for four.
Tools for this county
Fair Market Rent lookup
Look up any ZIP code's Small Area FMR by bedroom count.
Section 8 rent calculator
Work out the 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
See what income a household needs for a given rent.
What does a rental in Sierra actually go for?
HUD's number is one input. Search any address in Sierra for a rent estimate built from nearby comps. 3 free searches, no card.
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