Santa Fe, NM vs Albuquerque, NM
A 2-bedroom in Albuquerque costs $221 less per month than Santa Fe ($1,464 vs $1,685). Median income is $74,689 in Santa Fe and $67,995 in Albuquerque. That's a difference of $2,652 per year in housing costs.
Santa Fe, New Mexico 2-bedroom FMR is $221 above Albuquerque, New Mexico — a meaningful 15-percent premium. Differences of this size are usually structural rather than transient, reflecting permanent differences in housing supply, labor-market scale, or zoning.
For households weighing a move between the two counties, the FMR gap is one input among several. Cost-of-living adjustments cover housing well but undercount the income-side picture; local wages can offset rent differences, particularly in higher-paying coastal metros where the higher rent comes with higher pay.
Side-by-Side Comparison
| Metric | Santa Fe | Albuquerque |
|---|---|---|
| Studio FMR | $1,259 | $1,009 |
| 1BR FMR | $1,390 | $1,185 |
| 2BR FMR | $1,685 | $1,464 |
| 3BR FMR | $2,122 | $2,036 |
| 4BR FMR | $2,231 | $2,399 |
| Median Income | $74,689 | $67,995 |
| Rent Burden | 27.1% | 25.8% |
| Actual Median Rent | $1,318 | $1,102 |
| Median Home Value | $416,900 | $263,500 |
| Population | 155K | 919K |
| Renter % | 29.4% | 31.3% |
| Vacancy Rate | 10.7% | 6.7% |
| Poverty Rate | 12.5% | 15.1% |
| YoY Change | +9.8% | +19.8% |
| Min Wage | $12.00/hr | $12.00/hr |
Income Required to Afford a 2-Bedroom
Frequently Asked Questions
Albuquerque, NM is more affordable with a 2BR FMR of $1,464/mo, which is $221 less than Santa Fe at $1,685/mo. However, when considering local incomes, Santa Fe has a rent burden of 27.1% vs 25.8% in Albuquerque.
A 2-bedroom in Santa Fe, NM costs $1,685/mo at Fair Market Rent, while in Albuquerque, NM it's $1,464/mo, a difference of $221/mo or $2,652/year.
To afford a 2BR without spending more than 30% of income on rent: Santa Fe requires $67,400/year ($32/hr). Albuquerque requires $58,560/year ($28/hr).
Source: HUD Fair Market Rents, 2026.