City Report · NM

Santa Fe

Pop. 89,019·3rd most expensive in New Mexico·Rental market data updated monthly for Santa Fe, NM

Median rent (all units)

$1,956/mo

Year-over-Year

+0.5%

Month-over-Month

Stable

vs US Median

+$24

Reported rents

Stable (Monthly)

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Most AffordableMost Expensive

Santa Fe · $1,956

More expensive than 57% of US cities · National median $1,932/mo

Rent Reality Score

80/100

Great value

OverheatedFairGreat value

Rents are 15% below what Santa Fe's 10-year trend predicts — a better deal than its own history suggests.

Actual rent

$1,956/mo

Expected by trend

$2,301/mo

The Rent Reality Score compares today's median rent to where Santa Fe's own long-run trajectory projects it should be. See the full rankings →

Medians by bedroom

Rent by unit size

Studio

$1,283

1 BR

$1,420

2 BR

$1,690

3 BR

$2,137

4 BR+

$2,243

Fair Market Rent (HUD)

$1,690/mo

These are HUD Fair Market Rents, the payment standard for a Housing Choice Voucher (Section 8). They often differ from the $1,956 market median above, and that is expected: FMR is the 40th percentile of standard-quality units and counts gross rent, so it includes essential utilities such as electricity, water, gas, sewer, and trash. The market median is asking rent, which usually excludes utilities. HUD sets FMR once a year; market rent here updates monthly.

Source: HUD Small Area Fair Market Rents. Read the methodology →

Rent trends

12-month history

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Last updated: October 17, 2026

From the history

What the numbers show

Cheapest month to sign

January. Asking rents in Santa Fe usually run 1.3% below trend in January and 1.1% above it in July, about $47 a month apart at today's median. Based on 10 years of data.

Compared with the peak

Rent in Santa Fe is 1.1% below its high of $1,978 in July 2024, at $1,956 as of September 2026.

Past year vs. the rest of New Mexico

Rent in Santa Fe changed +0.5% over the year to September 2026. Across the 12 New Mexico cities Zillow tracks, the typical change was +4.1%.

Rent vs. income since 2019

From 2019 to 2024, rent in Santa Fe rose 42.5% while median household income rose 26.8% ($57,972 to $73,482). Rent outpaced income.

Since before the pandemic

Rent in Santa Fe is 35.9% higher than in March 2020. Across the US, rent is up 37.3% over the same stretch.

Recent direction

Rent has risen 2 months in a row, and rose in 8 of the last 12 months.

What a typical income covers

30% of the median household income ($73,482) is $1,837 a month. That covers HUD's Fair Market Rent for up to a 2-bedroom ($1,690); a 3-bedroom is $2,137.

Spread across ZIP codes

The priciest of 3 ZIP codes in Santa Fe, 87501 ($2,454/mo), costs 31% more than the cheapest, 87505 ($1,877/mo).

From Zillow's monthly rent index (ZORI) for Santa Fe. The seasonal pattern compares Zillow’s seasonally adjusted and unadjusted series. Income is the Census median household income (5-year estimates). Fair Market Rents are HUD’s, which include utilities.

Annual cost

$23,472/yr

At $1,956/mo median

Rent Market Meter

Balanced Market

Renter's MarketBalancedLandlord's Market

Rents are roughly steady, with neither renters nor landlords holding a strong edge right now.

Based on rent-price momentum (+0.5% YoY, +0.1% MoM), not inventory.

Rent check

Is your rent fair?

Compare your rent to the local median.

Demographics

Who lives here

Santa Fe, NM is majority owner-occupied, has a large retiree population, 47.8% of residents hold a bachelor's degree or higher.

Population

89,019

Median income

$73,482

Median age

46.3

Renters

36.4%

Age distribution

16%

20.3%

24.9%

12.7%

26.2%

Under 1816%

18–3420.3%

35–5424.9%

55–6412.7%

65+26.2%

Gender

48.5%

51.5%

Male48.5%

Female51.5%

Race & ethnicity

54.9%

49.5%

White54.9%

Black1.4%

Hispanic49.5%

Asian1.9%

Education (25+)

19%

24.5%

47.8%

No HS diploma8.7%

HS diploma19%

Some college24.5%

Bachelor's+47.8%

Housing tenure

63.6%

36.4%

Owner63.6%

Renter36.4%

Source: U.S. Census Bureau · ACS 2024 5-Year Estimates

2021 vs 2026

How Santa Fe, NM has changed in 5 years

Rent

$1,492 → $1,956

up 31.1%

Income

$61,990 → $73,482

up 18.5%

Population

86,935 → 89,019

up 2.4%

Renter share

36.3% → 36.4%

+0.1 pts

Bachelor's+

42.8% → 47.8%

+5.0 pts

Median age

44 → 46.3

+2.3 yrs

Across the past five years, the going rent in Santa Fe, NM has shifted from $1,492 to $1,956, up 31.1% since 2021. Census figures show median household income at $73,482 today, compared with $61,990 five years earlier. Because rent grew faster than wages over the same span, the affordability picture has tightened relative to 2021. Census counts show Santa Fe, NM adding about 2,084 residents over the five-year window, up 2.4% on net. Bachelor's-degree-or-higher attainment moved from 42.8% to 47.8% across the same window. The combined trend lines point to a market that has changed measurably from where it stood in early 2021.

Community

Discussions about Santa Fe

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View Santa Fe rent history (2015–2026) →

Salary vs rent

Can you afford rent in Santa Fe on your salary?

At $1,956/mo, how Santa Fe rent compares to typical pay (30% rule).

Registered Nurse

Avg $85,032/yr · Rent = 27.6% income

affordable

Elementary School Teacher

Avg $60,372/yr · Rent = 38.9% income

stretched

Police Officer

Avg $69,543/yr · Rent = 33.8% income

stretched

Software Developer

Avg $124,299/yr · Rent = 18.9% income

very comfortable

Lawyer

Avg $158,823/yr · Rent = 14.8% income

very comfortable

Firefighter

Avg $56,529/yr · Rent = 41.5% income

rent-burdened

Truck Driver

Avg $51,039/yr · Rent = 46% income

rent-burdened

Electrician

Avg $62,910/yr · Rent = 37.3% income

stretched

By apartment size

Santa Fe rent by bedroom count

Median rent for each apartment size in Santa Fe. Click any size for full breakdown.

Local insights

Tips for renters in Santa Fe

About renting in Santa Fe, NM

Last updated: October 17, 2026

The median rent in Santa Fe is $1,956/mo as of October 2026. A studio apartment averages $1,283/mo while a 2-bedroom runs $1,690/mo. One-bedroom apartments average $1,420/mo and 3-bedroom units go for $2,137/mo.

At 32% of local median household income ($73,482/yr), Santa Fe ranks as moderate compared to the national benchmark of 30%. Rents have increased 0.5% over the past year.

FAQ

Frequently asked questions

How much income do you need to rent in Santa Fe?

To keep rent at or below 30% of gross income, you would need to earn at least $78,000/year (about $38/hour full-time) to afford the median rent of $1,956/mo in Santa Fe. The local median household income is $73,482/yr, so the typical household falls short of that bar.

Is rent going up or down in Santa Fe?

Rent in Santa Fe has risen 0.5% over the past year as of September 2026. It sits 1.1% below its high of $1,978 in July 2024.

When is the cheapest time to rent in Santa Fe?

Asking rents in Santa Fe are usually lowest in January, about 1.3% below their yearly trend, and highest in July, about 1.1% above it. At today's median that is a gap of roughly $47 a month. This pattern comes from 10 years of Zillow rent data.

Has rent outpaced income in Santa Fe?

Yes. From 2019 to 2024, rent in Santa Fe rose 42.5% while median household income rose 26.8%, from $57,972 to $73,482. Rent is Zillow's yearly average; income is the Census 5-year estimate for the same years.

Which Santa Fe neighborhoods have the lowest rent?

The most affordable ZIP codes in Santa Fe are 87507 ($1,877/mo), 87505 ($1,877/mo), and 87501 ($2,454/mo). Citywide, the median rent is $1,956/mo.

How does Santa Fe rent compare to other cities in New Mexico?

Santa Fe is one of the pricier among New Mexico cities for rent, ranking #3 of 15 tracked cities at $1,956/mo. Over the year to September 2026, rent in Santa Fe changed +0.5%, against a typical +4.1% across the 12 New Mexico cities Zillow tracks.