ZIP Code · NM

ZIP 87031

Part of Los Lunas, NM

Pop. 47,514·Valencia County·6th most expensive ZIP in New Mexico

Median rent (all units)

$2,040/mo

Year-over-Year

+3.5%

Month-over-Month

+1.1%

vs US Median

+$108

Reported rents

Rising (Monthly)

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Most AffordableMost Expensive

ZIP 87031 · $2,040

More expensive than 63% of US ZIP codes · National median $1,932/mo

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Medians by bedroom

Rent by unit size

Studio

$1,050

1 BR

$1,240

2 BR

$1,530

3 BR

$2,130

4 BR+

$2,510

Research median

$1,530/mo

Bedroom estimates are gross rents that include essential utilities (electricity, water, gas, sewer, trash).

Rent trends

12-month history

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Last updated: October 17, 2026

From the history

What the numbers show

Compared with the peak

Rent in ZIP 87031 is 6.8% below its high of $2,189 in December 2025, at $2,040 as of September 2026.

Past year vs. the rest of New Mexico

Rent in ZIP 87031 changed +3.6% over the year to September 2026. Across the 32 New Mexico ZIP codes Zillow tracks, the typical change was +3.2%.

Recent direction

Rent has risen 5 months in a row, and rose in 8 of the last 12 months.

What a typical income covers

30% of the median household income ($60,902) is $1,523 a month. That covers HUD's Fair Market Rent for up to a 1-bedroom ($1,240); a 2-bedroom is $1,530.

From Zillow's monthly rent index (ZORI) for ZIP 87031. Income is the Census median household income (5-year estimates). Fair Market Rents are HUD’s, which include utilities.

Annual cost

$24,480/yr

At $2,040/mo median

Location

CityLos Lunas

StateNM

CountyValencia County

Rent Market Meter

Landlord's Market

Renter's MarketBalancedLandlord's Market

Rents are climbing (3.5% YoY), so leverage tilts toward landlords. Act sooner rather than later.

Based on rent-price momentum (+3.5% YoY, +1.1% MoM), not inventory.

Demographics

Who lives here

ZIP 87031 (Los Lunas, NM) is majority owner-occupied, has a median income below the national average, 20.3% of residents hold a bachelor's degree or higher.

Population

47,514

Median income

$60,902

Median age

Renters

16.8%

Age distribution

24.3%

21.7%

24.6%

17.5%

Under 1824.3%

18–3421.7%

35–5424.6%

55–6412%

65+17.5%

Gender

50.6%

49.4%

Male50.6%

Female49.4%

Race & ethnicity

47.4%

63%

White47.4%

Black1.1%

Hispanic63%

Asian1.1%

Education (25+)

14.2%

32.7%

20.3%

No HS diploma14.2%

HS diploma32.7%

Some college32.7%

Bachelor's+20.3%

Housing tenure

83.2%

16.8%

Owner83.2%

Renter16.8%

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

2023 vs 2026

How ZIP 87031 in Los Lunas, NM has changed in 5 years

Rent

$1,363 → $2,040

up 49.7%

Income

$55,971 → $60,902

up 8.8%

Population

45,537 → 47,514

up 4.3%

Renter share

17.4% → 16.8%

-0.6 pts

Bachelor's+

19.1% → 20.3%

+1.2 pts

Median age

36.3 → 38

+1.7 yrs

The median rent in ZIP 87031 in Los Lunas, NM stood at $1,363 in 2023 and currently runs about $2,040, reflecting a 49.7% increase over the period. Household income in the area moved from $55,971 to $60,902 across the same window, up 8.8% versus 2021. That spread, with rent up faster than earnings, points to a tougher affordability environment than five years ago. The population has grown by 4.3% since 2021, moving from about 45,537 residents to roughly 47,514. Reading these numbers side by side helps frame whether current listings in ZIP 87031 in Los Lunas, NM look reasonable against where the market sat half a decade ago.

Community

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Local insights

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About renting in ZIP 87031

Last updated: October 17, 2026

ZIP code 87031 covers Los Lunas, NM. The median rent here is $2,040/mo as of October 2026. A 1-bedroom rents for a median of $1,240/mo. A 2-bedroom rents for a median of $1,530/mo.

At 40% of local median household income ($60,902/yr), ZIP 87031 ranks as moderate compared to the national benchmark of 30%. Rents have increased 3.5% over the past year.

FAQ

Frequently asked questions

How much income do you need to rent in ZIP 87031?

To keep rent at or below 30% of gross income, you would need to earn at least $82,000/year (about $39/hour full-time) to afford the median rent of $2,040/mo in ZIP 87031. The local median household income is $60,902/yr, so the typical household falls short of that bar.

Is rent going up or down in ZIP 87031?

Rent in ZIP 87031 has risen 3.5% over the past year as of September 2026. It sits 6.8% below its high of $2,189 in December 2025.

How does ZIP 87031 compare to other ZIPs in New Mexico?

ZIP 87031 is one of the pricier among New Mexico ZIP codes for rent, ranking #6 of 36 at $2,040/mo. Over the year to September 2026, rent in ZIP 87031 changed +3.6%, against a typical +3.2% across the 32 New Mexico ZIP codes Zillow tracks.