ZIP Code · NM

ZIP 87505

Part of Santa Fe, NM

Pop. 32,092·Santa Fe County·7th most expensive ZIP in New Mexico

Median rent (all units)

$1,877/mo

Year-over-Year

-2.8%

Month-over-Month

-0.7%

vs US Median

-$55

Reported rents

Falling (Monthly)

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Most AffordableMost Expensive

ZIP 87505 · $1,877

More expensive than 54% of US ZIP codes · National median $1,932/mo

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Medians by bedroom

Rent by unit size

Studio

$1,310

1 BR

$1,440

2 BR

$1,750

3 BR

$2,200

4 BR+

$2,320

Research median

$1,750/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

January. Asking rents in ZIP 87505 usually run 1.3% below trend in January and 1.6% above it in July, about $54 a month apart at today's median. Based on 5 years of data.

Compared with the peak

Rent in ZIP 87505 is 3.6% below its high of $1,948 in January 2025, at $1,877 as of September 2026.

Past year vs. the rest of New Mexico

Rent in ZIP 87505 changed -2.8% 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 fallen 3 months in a row, and rose in 5 of the last 12 months.

What a typical income covers

30% of the median household income ($78,247) is $1,956 a month. That covers HUD's Fair Market Rent for up to a 2-bedroom ($1,750); a 3-bedroom is $2,200.

Rank in Santa Fe

1st cheapest of 3 ZIP codes in Santa Fe.

From Zillow's monthly rent index (ZORI) for ZIP 87505. 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

$22,524/yr

At $1,877/mo median

Location

CitySanta Fe

StateNM

CountySanta Fe County

Rent Market Meter

Renter's Market

Renter's MarketBalancedLandlord's Market

Rents are softening (down 2.8% YoY), so renters have negotiating leverage.

Based on rent-price momentum (-2.8% YoY, -0.7% MoM), not inventory.

Demographics

Who lives here

ZIP 87505 (Santa Fe, NM) is majority owner-occupied, has a large retiree population, 57.2% of residents hold a bachelor's degree or higher.

Population

32,092

Median income

$78,247

Median age

Renters

39.6%

Age distribution

17.9%

22.8%

14.5%

34.1%

Under 1810.7%

18–3417.9%

35–5422.8%

55–6414.5%

65+34.1%

Gender

47.4%

52.6%

Male47.4%

Female52.6%

Race & ethnicity

67.2%

35.2%

White67.2%

Black1.8%

Hispanic35.2%

Asian1.9%

Education (25+)

14.2%

23.1%

57.2%

No HS diploma5.4%

HS diploma14.2%

Some college23.1%

Bachelor's+57.2%

Housing tenure

60.4%

39.6%

Owner60.4%

Renter39.6%

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

2021 vs 2026

How ZIP 87505 in Santa Fe, NM has changed in 5 years

Rent

$1,507 → $1,877

up 24.6%

Income

$68,760 → $78,247

up 13.8%

Population

31,885 → 32,092

up 0.6%

Renter share

38.1% → 39.6%

+1.5 pts

Bachelor's+

51.7% → 57.2%

+5.5 pts

Median age

51.1 → 54

+2.9 yrs

Since 2021, the typical rent in ZIP 87505 in Santa Fe, NM has climbed from $1,507 to $1,877, a 24.6% change over five years. Household income in the area moved from $68,760 to $78,247 across the same window, up 13.8% versus 2021. That spread, with rent up faster than earnings, points to a tougher affordability environment than five years ago. Renters now make up 39.6% of households, compared with 38.1% five years ago. College-educated residents now make up 57.2% of adults here, versus 51.7% in 2021. Reading these numbers side by side helps frame whether current listings in ZIP 87505 in Santa Fe, NM look reasonable against where the market sat half a decade ago.

Community

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About renting in ZIP 87505

Last updated: October 17, 2026

ZIP code 87505 covers Santa Fe, NM. The median rent here is $1,877/mo as of October 2026. A 1-bedroom rents for a median of $1,440/mo. A 2-bedroom rents for a median of $1,750/mo.

At 29% of local median household income ($78,247/yr), ZIP 87505 ranks as affordable compared to the national benchmark of 30%. Rents have decreased 2.8% over the past year.

FAQ

Frequently asked questions

How much income do you need to rent in ZIP 87505?

To keep rent at or below 30% of gross income, you would need to earn at least $75,000/year (about $36/hour full-time) to afford the median rent of $1,877/mo in ZIP 87505. The local median household income is $78,247/yr, so the typical household meets that bar.

Is rent going up or down in ZIP 87505?

Rent in ZIP 87505 has fallen 2.8% over the past year as of September 2026. It sits 3.6% below its high of $1,948 in January 2025.

When is the cheapest time to rent in ZIP 87505?

Asking rents in ZIP 87505 are usually lowest in January, about 1.3% below their yearly trend, and highest in July, about 1.6% above it. At today's median that is a gap of roughly $54 a month. This pattern comes from 5 years of Zillow rent data.

How does ZIP 87505 compare to other ZIPs in New Mexico?

ZIP 87505 is one of the pricier among New Mexico ZIP codes for rent, ranking #7 of 36 at $1,877/mo. Over the year to September 2026, rent in ZIP 87505 changed -2.8%, against a typical +3.2% across the 32 New Mexico ZIP codes Zillow tracks.