ZIP Code · NM

ZIP 87501

Part of Santa Fe, NM

Pop. 16,007·Santa Fe County·2nd most expensive ZIP in New Mexico

Median rent (all units)

$2,454/mo

Year-over-Year

+8.6%

Month-over-Month

+0.8%

vs US Median

+$522

Reported rents

Rising (Monthly)

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Most AffordableMost Expensive

ZIP 87501 · $2,454

More expensive than 79% of US ZIP codes · National median $1,932/mo

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Compare your rent to the local median.

Medians by bedroom

Rent by unit size

Studio

$1,440

1 BR

$1,590

2 BR

$1,930

3 BR

$2,430

4 BR+

$2,560

Research median

$1,930/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

Cheapest month to sign

November. Asking rents in ZIP 87501 usually run 2.2% below trend in November and 1.9% above it in July, about $101 a month apart at today's median. Based on 5 years of data.

Compared with the peak

Rent in ZIP 87501 is at its highest level since Zillow's records here began in December 2020.

Past year vs. the rest of New Mexico

Rent in ZIP 87501 changed +8.6% 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 6 months in a row, and rose in 9 of the last 12 months.

What a typical income covers

30% of the median household income ($79,603) is $1,990 a month. That covers HUD's Fair Market Rent for up to a 2-bedroom ($1,930); a 3-bedroom is $2,430.

Rank in Santa Fe

3rd cheapest of 3 ZIP codes in Santa Fe.

Cheaper nearby

ZIP 87505, 9 miles away, rents for 24% less ($1,877/mo), about $6,900 a year in savings.

From Zillow's monthly rent index (ZORI) for ZIP 87501. 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

$29,448/yr

At $2,454/mo median

Location

CitySanta Fe

StateNM

CountySanta Fe County

Rent Market Meter

Strong Landlord's Market

Renter's MarketBalancedLandlord's Market

Rents are up 8.6% year-over-year. Expect competition, and move quickly to lock in terms.

Based on rent-price momentum (+8.6% YoY, +0.8% MoM), not inventory.

Demographics

Who lives here

ZIP 87501 (Santa Fe, NM) is majority owner-occupied, has a large retiree population, 64.1% of residents hold a bachelor's degree or higher.

Population

16,007

Median income

$79,603

Median age

58.7

Renters

34.8%

Age distribution

14.7%

23%

41%

Under 189.4%

18–3414.7%

35–5423%

55–6412%

65+41%

Gender

46.8%

53.2%

Male46.8%

Female53.2%

Race & ethnicity

73.1%

26.4%

White73.1%

Black0.7%

Hispanic26.4%

Asian1.2%

Education (25+)

22%

64.1%

No HS diploma2.8%

HS diploma11.1%

Some college22%

Bachelor's+64.1%

Housing tenure

65.2%

34.8%

Owner65.2%

Renter34.8%

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

2021 vs 2026

How ZIP 87501 in Santa Fe, NM has changed in 5 years

Rent

$1,681 → $2,454

up 46.0%

Income

$71,468 → $79,603

up 11.4%

Population

14,637 → 16,007

up 9.4%

Renter share

35.5% → 34.8%

-0.7 pts

Bachelor's+

60.2% → 64.1%

+3.9 pts

Median age

56.7 → 58.7

+2.0 yrs

Since 2021, the typical rent in ZIP 87501 in Santa Fe, NM has climbed from $1,681 to $2,454, a 46.0% change over five years. Local incomes tracked alongside that move, going from a median of $71,468 in 2021 to $79,603 more recently. That spread, with rent up faster than earnings, points to a tougher affordability environment than five years ago. The population has grown by 9.4% since 2021, moving from about 14,637 residents to roughly 16,007. College-educated residents now make up 64.1% of adults here, versus 60.2% in 2021. These shifts give renters and would-be renters a longer baseline for sizing up today's listings against the ZIP 87501 in Santa Fe, NM market of 2021.

Community

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Local insights

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About renting in ZIP 87501

Last updated: October 17, 2026

ZIP code 87501 covers Santa Fe, NM. The median rent here is $2,454/mo as of October 2026. A 1-bedroom rents for a median of $1,590/mo. A 2-bedroom rents for a median of $1,930/mo.

At 37% of local median household income ($79,603/yr), ZIP 87501 ranks as moderate compared to the national benchmark of 30%. Rents have increased 8.6% over the past year.

FAQ

Frequently asked questions

How much income do you need to rent in ZIP 87501?

To keep rent at or below 30% of gross income, you would need to earn at least $98,000/year (about $47/hour full-time) to afford the median rent of $2,454/mo in ZIP 87501. The local median household income is $79,603/yr, so the typical household falls short of that bar.

Is rent going up or down in ZIP 87501?

Rent in ZIP 87501 has risen 8.6% over the past year as of September 2026. That is the highest level since Zillow's records here began in December 2020.

When is the cheapest time to rent in ZIP 87501?

Asking rents in ZIP 87501 are usually lowest in November, about 2.2% below their yearly trend, and highest in July, about 1.9% above it. At today's median that is a gap of roughly $101 a month. This pattern comes from 5 years of Zillow rent data.

How does ZIP 87501 compare to other ZIPs in New Mexico?

ZIP 87501 is one of the pricier among New Mexico ZIP codes for rent, ranking #2 of 36 at $2,454/mo. Over the year to September 2026, rent in ZIP 87501 changed +8.6%, against a typical +3.2% across the 32 New Mexico ZIP codes Zillow tracks.