How much do households in New Mexico spend on rent?
Data updated September 16, 2024
About $955 per month, or 32% of their income, in 2022. This was measured by comparing median, or average, rent and median monthly income for renting households.
Showing data for
In 2022, median rent was
32.0%
of median income
In 2022,
$955
was the median rent per month
Comparing rent to renter income provides one measure of rental affordability. Dividing rent by income provides what is called a rent-to-income ratio. A higher ratio of rent-to-income indicates rent is less affordable while a lower ratio indicates it’s more affordable.
The Department of Housing and Urban Development considers households with a rent-to-income ratio of more than 30%, that is, households that spend more than 30% of their income on housing, to be cost-burdened. Cost-burdened households may have less money for other necessities such as food, healthcare, or savings. When median monthly rent is more than 30% of average monthly income, it means a typical household would meet the definition of housing cost-burdened.
New Mexico's rent-to-income ratio was higher than in the US overall in 2022.
Ratio of median rent to median renter household income
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The national rent-to-income ratio reached a high of 33.8% in 2011 following the Great Recession. In New Mexico, the rent-to-income ratio reached 33.7% that year. Most recently, in 2022, New Mexico’s rent-to-income ratio was 32.0%, 0.3 percentage points higher than the national rate.
Across metro areas, the average rent-to-income ratio was 30.8% in 2018–2022.
Ratio of median rent to median renter household income, 2018–2022
In 2018–2022, the average rent-to-income ratio across metro areas was 30.8%. The metro areas with the highest and lowest ratios were the Mayagüez, Puerto Rico area at 56.9% (highest) and Sheboygan, Wisconsin area at 21.7% (lowest). In New Mexico, the highest and lowest were Las Cruces, NM area at 37.2% and Farmington, NM area at 29.1%.
During that period, Santa Fe, NM area had the highest median rent at $1.25K per month. It also had the highest median monthly income at $3.92K out of four New Mexico metro areas. Its rent-to-income ratio was second highest in the state.
Renter income and rent, New Mexico metro areas (2018–2022)
| 1. | Albuquerque, NM area | $3,344 |
| 2. | Farmington, NM area | $3,067 |
| 3. | Las Cruces, NM area | $2,304 |
| 4. | Santa Fe, NM area | $3,923 |
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Methodology
USAFacts standardizes data, in areas such as time and demographics, to make it easier to understand and compare.
The analysis was generated with the help of AI and reviewed by USAFacts for accuracy.
Page sources
USAFacts endeavors to share the most up-to-date information available. We sourced the data on this page directly from government agencies; however, the intervals at which agencies publish updated data vary.
United States Census Bureau
Population Estimates Program and 2 others
