Out of Reach

Out of Reach:

Rental Housing At What Cost?

October, 1998

New Mexico

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State and Metro Area Data

									Income Needed to Afford FMR						Estimated % Renters unable to afford FMR		Hourly Wage Needed to Afford		Percent of Federal Minimum Wage (@$5.15)		Work Hours/week Necessary at Minimum Wage
		FAIR MARKET RENTS BY NUMBER OF BEDROOMS							Amount		Percent of AMI		Estimated % of Renter median
	1990 RENTER HOUSEHOLDS	Zero	One	Two	Three	Four	1998 Area Median Income (HUD)	1998 Estimated Renter Median Income	One Bedroom	Two Bedroom	One Bedroom	Two Bedroom	One Bedroom	Two Bedroom	One Bedroom	Two Bedroom	One Bedroom	Two Bedroom	One Bedroom	Two Bedroom	One Bedroom	Two Bedroom
New Mexico	108,988	$ 375	$ 461	$ 573	$ 785	$ 921	$ 44,264	$ 29,100	$ 18,458	$ 22,901	42%	52%	63%	79%	33%	41%	$ 8.87	$ 11.01	172%	214%	69	86	New Mexico
METRO AREA																							METRO AREA
Albuquerque, NM	78,978	$ 385	$ 459	$ 574	$ 791	$ 934	$ 44,700	$ 28,857	$ 18,360	$ 22,960	41%	51%	64%	80%	33%	41%	$ 8.83	$ 11.04	171%	214%	69	86	Albuquerque, NM
Las Cruces, NM	15,945	$ 287	$ 361	$ 429	$ 588	$ 693	$ 32,900	$ 22,200	$ 14,440	$ 17,160	44%	52%	65%	77%	34%	41%	$ 6.94	$ 8.25	135%	160%	54	64	Las Cruces, NM
Santa Fe, NM	14,065	$ 415	$ 589	$ 727	$ 976	$ 1,105	$ 54,700	$ 38,300	$ 23,600	$ 29,100	43%	53%	62%	76%	33%	40%	$ 11.35	$ 13.99	220%	272%	88	109	Santa Fe, NM

County Data

					Income Needed to Afford FMR						Estimated % Renters unable to afford FMR
					Amount		Percent of AMI		Estimated % of Renter median
County	Metro Area	Renter Households, 1990	1998 Area Median Income (HUD)	1998 Estimated Renter Median Income	One Bedroom	Two Bedroom	One Bedroom	Two Bedroom	One Bedroom	Two Bedroom	One Bedroom	Two Bedroom	County
Bernalillo County	Albuquerque, NM	72,859	$ 44,700	$ 28,700	$ 18,360	$ 22,960	41%	51%	64%	80%	34%	41%	Bernalillo County
Dona Ana County	Las Cruces, NM	15,945	$ 32,900	$ 22,200	$ 14,440	$ 17,160	44%	52%	65%	77%	34%	41%	Dona Ana County
Los Alamos County	Santa Fe, NM	1,846	$ 54,700	$ 30,900	$ 23,560	$ 29,080	43%	53%	76%	94%	40%	48%	Los Alamos County
Sandoval County	Albuquerque, NM	3,599	$ 44,700	$ 33,200	$ 18,360	$ 22,960	41%	51%	55%	69%	30%	37%	Sandoval County
Santa Fe County	Santa Fe, NM	12,219	$ 54,700	$ 39,400	$ 23,560	$ 29,080	43%	53%	60%	74%	32%	39%	Santa Fe County
Valencia County	Albuquerque, NM	2,520	$ 44,700	$ 27,200	$ 18,360	$ 22,960	41%	51%	68%	84%	35%	43%	Valencia County

NOTES:

FMR = Fair Market Rent
AMI = Area Median Income, determined by HUD
HUD = Department of Housing and Urban Development
EST RTR MEDIAN = 1998 Estimated Renter Median Income, based on 1990 renter median income as percent of household median income
Income Needed to Afford = Affordability is based on the official 30%-of-income standard used in federal housing subsidy programs.
% Unable to Afford = percent ofrenter population whomust pay more than 30% of income for rent.
Wage calculations are based on a 40 hour week for 52 weeks per year.
The federal minimum wage is $5.15/hour.
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