ZIP 87124
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Bedroom estimates are gross rents that include essential utilities (electricity, water, gas, sewer, trash).
12-month history
Last updated: October 17, 2026
What the numbers show
December. Asking rents in ZIP 87124 usually run 0.8% below trend in December and 1.2% above it in July, about $34 a month apart at today's median. Based on 8 years of data.
Rent in ZIP 87124 is 0.2% below its high of $1,691 in August 2026, at $1,688 as of September 2026.
Rent in ZIP 87124 changed +2.7% over the year to September 2026. Across the 32 New Mexico ZIP codes Zillow tracks, the typical change was +3.2%.
From 2019 to 2024, rent in ZIP 87124 rose 54.3% while median household income rose 42.4% ($60,767 to $86,555). Rent outpaced income.
Rent in ZIP 87124 is 57.5% higher than in March 2020. Across the US, rent is up 37.3% over the same stretch.
Rent rose in 7 of the last 12 months.
30% of the median household income ($86,555) is $2,164 a month. That covers HUD's Fair Market Rent for up to a 2-bedroom ($1,750); a 3-bedroom is $2,430.
From Zillow's monthly rent index (ZORI) for ZIP 87124. 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.
Who lives here
ZIP 87124 (Rio Rancho, NM) is majority owner-occupied, 33.7% of residents hold a bachelor's degree or higher.
Source: U.S. Census Bureau · ACS 2024 5-Year Estimates
How ZIP 87124 in Rio Rancho, NM has changed in 5 years
Since 2021, the typical rent in ZIP 87124 in Rio Rancho, NM has increased from $1,173 to $1,688, a 43.9% change over five years. Median household income rose from $63,826 to $86,555 between 2021 and 2024, a 35.6% shift. That spread, with rent up faster than earnings, points to a tougher affordability environment than five years ago. The population has grown by 2.9% since 2021, moving from about 56,875 residents to roughly 58,499. Renters now make up 20.9% of households, compared with 23.9% five years ago. College-educated residents now make up 33.7% of adults here, versus 30.5% in 2021. Taken together, the five-year picture in ZIP 87124 in Rio Rancho, NM reflects how housing costs and the people paying them have evolved through a stretch that included a pandemic, a hot rental market, and a recent cooling phase.
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Tips for renters in ZIP 87124
Last updated: October 17, 2026
ZIP code 87124 covers Rio Rancho, NM. The median rent here is $1,688/mo as of October 2026. A 1-bedroom rents for a median of $1,420/mo. A 2-bedroom rents for a median of $1,750/mo.
At 23% of local median household income ($86,555/yr), ZIP 87124 ranks as affordable compared to the national benchmark of 30%. Rents have increased 2.7% over the past year.
Frequently asked questions
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How does ZIP 87124 compare to other ZIPs in New Mexico?
How does ZIP 87124 compare to the rest of Rio Rancho?
At $1,688/mo, rent takes ~23% of ZIP 87124's median household income ($86,555/yr). The standard benchmark is 30%.
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