Rent in New Mexico
The median 2-bedroom Fair Market Rent in New Mexico is $1,464/mo, ranking #21 out of 51 states for highest rent. This is $214 above the national median of $1,250/mo. New Mexico has a population of 2.1M. About 30.7% of households rent their homes. Fair Market Rent data covers 4 areas across the state.
Highlights
All 4 Areas in New Mexico
| Area | Studio | 1BR | 2BR | 3BR | Burden | YoY |
|---|---|---|---|---|---|---|
| Santa Fe Pop. 155K | $1,259 | $1,390 | $1,685 | $2,122 | 27.1% | +9.8% |
| Albuquerque Pop. 919K | $1,009 | $1,185 | $1,464 | $2,036 | 25.8% | +19.8% |
| Farmington Pop. 121K | $882 | $885 | $1,085 | $1,509 | 24.6% | +7.2% |
| Las Cruces Pop. 222K | $744 | $951 | $1,042 | $1,449 | 22.5% | +5.4% |
Frequently Asked Questions
The median 2-bedroom Fair Market Rent across New Mexico is $1,464 per month. Rents range from $1,042/mo in Las Cruces to $1,685/mo in Santa Fe. The actual median gross rent statewide is $1,021/mo according to Census data.
New Mexico ranks #21 out of 51 states for highest median Fair Market Rent. The state median 2BR FMR of $1,464/mo is $214 above the national median of $1,250/mo.
The average rent burden across New Mexico is 25%, meaning a typical household would spend 25% of income on a 2-bedroom at Fair Market Rent. No areas exceed HUD's 30% cost-burden threshold. The statewide median household income is $62,125.
The most affordable area in New Mexico is Las Cruces with a 2-bedroom Fair Market Rent of $1,042/mo. The median household income there is $55,663.
The most expensive area in New Mexico is Santa Fe with a 2-bedroom Fair Market Rent of $1,685/mo. The median household income there is $74,689.
Fair Market Rents represent the 40th percentile of gross rents for standard-quality rental units. State-level income and demographic data comes from the Census Bureau ACS 5-Year estimates. Rent burden is calculated as annual 2BR FMR divided by area median household income.