Rental Benchmark Overview
2-Bedroom Benchmark Rent
$1,071$12,852 per year · HUD Fiscal Year 2026Fair market rent & 30% rule in Chaves County, NM
Official HUD Fair Market Rents evaluated against local household income benchmarks.
Fair Market Rent Schedule & Wage Requirements: Chaves County, NM
Calculations assume standard housing affordability guidelines where shelter costs consume no more than 30% of gross income, based on full-time employment of 2,080 annual working hours.
| Bedroom Type | Monthly Rent | Annual Rent | Min. Annual Income | Hourly Wage (40h/wk) |
|---|---|---|---|---|
| Studio / Efficiency | $738 | $8,856 | $29,520 | $14.19/hr |
| 1-Bedroom Apartment | $887 | $10,644 | $35,480 | $17.06/hr |
| 2-Bedroom ApartmentStandard Benchmark | $1,071 | $12,852 | $42,840 | $20.60/hr |
| 3-Bedroom Home | $1,421 | $17,052 | $56,840 | $27.33/hr |
| 4-Bedroom Home | $1,562 | $18,744 | $62,480 | $30.04/hr |
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Frequently Asked Questions About Rent in Chaves County, NM
What is the Fair Market Rent for a 2-bedroom in Chaves County, NM?
For Fiscal Year 2026, the official HUD Fair Market Rent for a 2-bedroom home in Chaves County, NM is $1,071 per month ($12,852 per year).
What hourly wage is needed to afford rent in Chaves County, NM?
To comfortably afford a 2-bedroom apartment at $1,071/month without exceeding 30% of income on rent, a full-time worker (40 hours/week, 52 weeks/year) must earn at least $20.60 per hour ($42,840/year).
What are the HUD Fair Market Rents by bedroom count in Chaves County, NM?
Official 2026 HUD rents in Chaves County, NM are: Studio: $738/mo, 1-Bedroom: $887/mo, 2-Bedroom: $1,071/mo, 3-Bedroom: $1,421/mo, and 4-Bedroom: $1,562/mo.
How do HUD Fair Market Rents compare to local incomes in Chaves County, NM?
At the local Census ACS median household income of $52,938/year ($4,412/month), the benchmark 2-bedroom Fair Market Rent represents 24.3% of monthly income.
How is the 30% housing affordability standard calculated in Chaves County, NM?
The federal 30% rule states that housing costs should not exceed 30% of gross household income. For a 2-bedroom rent of $1,071/month, the required minimum annual gross income is calculated as ($1,071 × 12) ÷ 0.30 = $42,840 per year.