New Mexico Congressional District Data Profile NM-01

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Key Facts

  • 23,668 OR 23%

    Renter households that are extremely low-income

  • -18,510

    Shortage of rental homes affordable and available for extremely low-income renters

  • $30,530

    30% of area median income

  • $54,712

    Annual household income needed to afford a two-bedroom rental home at HUD's Fair Market Rent.

  • $1,368

    is the average Fair Market Rent (FMR) for a two bedroom rental home in this district. It is $1,118 for a one bedroom rental home.

  • $763

    is the monthly rent a household at 30% of the area median income (AMI) can afford in this district. A household at 50% AMI can afford a monthly rent of $1,272.

  • $4,559

    is what a household in this district must earn monthly to afford the average two-bedroom FMR — without paying more than 30% of their income on housing. This translates to an annual income of $54,712. A household must earn $3,726 monthly or $44,711 annually to afford a one-bedroom home at FMR.

  • $26.30

    is the two-bedroom Housing Wage in this district. It is the hourly wage a worker must earn - assuming a 40-hour work week for 52 weeks per year – to afford a twobedroom rental home. The one-bedroom Housing Wage is $21.50.

Solutions

  • Provide significant resources to build and preserve homes affordable to renters with the lowest incomes through investments in public housing and the national Housing Trust Fund
  • Encourage states and local communities to reform zoning and land use regulations that prevent housing from being built and push up housing costs
  • Bridge the gap between incomes and housing costs by expanding rental assistance so that it is universally available to all eligible households or consider other innovative approaches, such as a fully refundable renters’ tax credit
  • Prevent evictions and homelessness by creating permanent tools, such as emergency rental assistance, to help stabilize families in crisis
  • Other federal housing resources, including the Low-Income Housing Tax Credit, should be reformed to better address the shortage of rental housing affordable to the lowest-income households.

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