State rental market analysis · NM
New Mexico rental markets
36 tracked cities over 5,000 population, 35 ranked and summarized by their median Overall; 2 of 34 evaluable cities pass the modeled Buy & Hold screen. Every number traces to Census, Zillow and BLS. Compare state coverage and results →
Browse every New Mexico ZIP Code area → · the full server-rendered index for this state.
Part of the Mountain Census division (West region).
The honest read
New Mexico ranks #22 of 37 coverage-eligible states for rental investing, with a median Overall of 45.5/100 across its ranked cities, below the national median. 35 ranked cities roll up into this grade. Its strongest factor is rent growth: 4.4%, 18th of 51.
The biggest drag is population growth: 0.2%, 37th of 51. A state grade is the median of its ranked cities, a screen for where to look, not underwriting. Open any city below for its full shown-math breakdown, or run a specific deal through the cap rate and cash-flow calculators.
Where it ranks, factor by factor
Every value is the median across the 35 ranked cities in this state. The national rank compares all 51 states on that one factor; the engine already flips inverted factors (affordability, low unemployment) so a better rank always means a better market. Each factor sits in one of the model’s three categories (Cash Flow, Growth, or Stability); this is a representative summary, and the full thirteen-factor breakdown is on each city’s page. Full methodology.
| Factor | Category | State value | National rank |
|---|---|---|---|
| Gross rent yield | Cash Flow | 5.9% | #26 of 51 |
| Rent growth | Growth | 4.4% | #18 of 51 |
| Home value growth | Growth | 3.7% | #32 of 51 |
| Population growth | Growth | 0.2% | #37 of 51 |
| Job growth | Growth | 0.7% | #24 of 51 |
| Price-to-income | Cash Flow | 4.9× | #27 of 51 |
| Unemployment | Stability | 4.2% | #31 of 51 |
| Rental demand | Stability | 35% renters · 6.1% vacancy | two-part measure |
| Income growth | Growth | 5.1% | #24 of 51 |
Every city in New Mexico, ranked
Led by Los Lunas at 69/100. Click any column to re-sort; every city links to its full shown-math breakdown.
| NM rank | City | Grade | Cash Flow | Growth | Stability | Typical home value | Gross yield | National rank |
|---|---|---|---|---|---|---|---|---|
| 1 | Los Lunas | 69 | B | B | B | $331,123 | 7.5% | #161 |
| 2 | Artesia | 62 | A | C | C | $249,252 | 7.9% | #508 |
| 3 | Rio Rancho | 62 | B | A | D | $361,320 | 6.4% | #509 |
| 4 med | Lovington | 62 | A | C | C | $194,790 | 7.3% | #558 |
| 5 | Carlsbad | 59 | A | C | C | $256,596 | 7.8% | #778 |
| 6 med | Anthony | 58 | C | C | B | $239,239 | 5.8% | #935 |
| 7 med | Belen | 57 | C | C | C | $272,375 | 6.6% | #1062 |
| 8 med | Tucumcari | 57 | A | D | B | $88,048 | 13.2% | #1074 |
| 9 | Hobbs | 55 | A | C | D | $216,560 | 7.6% | #1186 |
| 10 | Las Cruces | 53 | C | B | D | $290,170 | 6.0% | #1518 |
| 11 | Portales | 52 | A | D | C | $138,873 | 8.8% | #1654 |
| 12 med | Sunland Park | 52 | C | A | D | $226,688 | 5.1% | #1735 |
| 13 | Alamogordo | 49 | B | C | D | $223,281 | 8.4% | #2140 |
| 14 | Clovis | 48 | A | D | D | $164,546 | 9.3% | #2325 |
| 15 med | Española | 47 | C | C | C | $210,800 | 4.7% | #2373 |
| 16 | Roswell | 47 | A | D | D | $176,603 | 8.8% | #2474 |
| 17 med | Bernalillo | 46 | D | B | C | $343,632 | 4.2% | #2588 |
| 18 med | Raton | 45 | B | D | C | $150,910 | 6.6% | #2644 |
| 19 med | Edgewood | 45 | C | D | C | $381,569 | 4.4% | #2753 |
| 20 med | Truth or Consequences | 42 | B | C | D | $157,766 | 6.9% | #3077 |
| 21 | Taos | 41 | D | C | D | $437,444 | 5.5% | #3243 |
| 22 | Farmington | 41 | C | D | D | $289,574 | 5.5% | #3304 |
| 23 med | Las Vegas | 39 | C | D | C | $238,186 | 6.1% | #3549 |
| 24 med | Grants | 39 | B | D | D | $161,978 | 6.9% | #3608 |
| 25 | Albuquerque | 37 | D | C | D | $345,503 | 5.1% | #3757 |
| 26 med | Gallup | 35 | B | F | D | $221,673 | 6.7% | #3928 |
| 27 | Santa Fe | 35 | D | C | C | $581,279 | 4.0% | #3957 |
| 28 | Silver City | 33 | B | F | B | $222,202 | 7.4% | #4081 |
| 29 med | Deming | 33 | C | D | D | $159,235 | 5.5% | #4119 |
| 30 med | Bloomfield | 30 | B | F | D | $267,184 | 7.3% | #4293 |
| 31 med | Corrales | 26 | F | C | C | $700,444 | 2.4% | #4525 |
| 32 | Aztec | 26 | C | F | D | $283,483 | 6.8% | #4531 |
| 33 med | Socorro | 23 | C | F | C | $199,178 | 5.6% | #4601 |
| 34 med | Ruidoso | 22 | D | F | D | $320,278 | 4.6% | #4641 |
| 35 med | Los Ranchos de Albuquerque | 14 | F | D | D | $713,376 | 2.6% | #4774 |
Data as of: Zillow ZHVI/ZORI through the latest monthly release · Census ACS 5-yr 2020–2024 · Census PEP July 2025 · BLS LAUS county 2025 annual (11-month average). Generated 2026-10-06. Methodology & limitations · underwrite any specific deal with the free calculators.
Limited-data cities in New Mexico
These 1 cities lack enough measured factors to rank, so they are excluded from the state grade; their pages show exactly what could be measured.
ZIP markets in New Mexico
372 Census ZIP Codes (ZCTAs) in New Mexico · 115 data-eligible for subscores. These are sub-city government areas ranked separately from the New Mexico city table. The overall Rental Investor ZIP Score leaderboard leads; the two component subscores (affordability, rental-market context) follow as independent percentiles. ZIP ranks are shown within the ZIP universe only, never mixed with, and not directly comparable to, city ranks. Vintage: the Key metric column is Census ACS 2020–2024 (5-year), the same release the city table above uses; the geographies differ, so the same measure can still disagree between the two.
Best overall ZIP Codes in New Mexico
Ranked by the overall Rental Investor ZIP Score. The # is each ZIP Code's canonical NM state rank; the smaller figure is its national rank. Separate from the New Mexico city table and not directly comparable to it.
| NM rank | ZIP Code | Overallgrade · national | Key metric |
|---|---|---|---|
| #1 | 87144Rio Rancho | A 70#565 nat | 6.3%Survey yield |
| #2 | 87031Los Lunas | A 69#640 nat | 5.5%Survey yield |
| #3 | 87124Rio Rancho Estates | A 69#733 nat | 5.8%Survey yield |
| #4 | 87544Los Alamos | A 67#1,002 nat | 3.3%Survey yield |
| #5 | 87035McIntosh | A 67#1,051 nat | 6.9%Survey yield |
| #6 | 88012Las Cruces | A 67#1,098 nat | 6.4%Survey yield |
| #7 | 88001Las Cruces | A 65#1,573 nat | 5.9%Survey yield |
| #8 | 87002Belen | A 65#1,748 nat | 6.2%Survey yield |
| #8 | 87016Estancia | B 65#1,748 nat | 8.3%Survey yield |
| #10 | 88011Las Cruces | A 64#1,927 nat | 4.1%Survey yield |
| #11 | 88081Chaparral | B 64#2,093 nat | 9.4%Survey yield |
| #12 | 87043Placitas | B 62#2,539 nat | 5.8%Survey yield |
Top affordability ZIP Codes in New Mexico
State-scoped leaders on the affordability subscore only (national rank shown is within that subscore’s data-eligible universe). Substantially an inverse housing-cost signal: a component of the overall score, not a predicted return.
| # | ZIP Code | Affordability | Key metric |
|---|---|---|---|
| 1 | 86515Tse Bonito | 100#1 nat | 15.4%Survey yield |
| 2 | 88252Jal | 99#13 nat | 16.2%Survey yield |
| 3 | 87034Skyline-Ganipa | 98#40 nat | 11.8%Survey yield |
| 4 | 87416Upper Fruitland | 96#91 nat | 10.6%Survey yield |
| 5 | 87364Sheep Springs | 96#98 nat | 10.5%Survey yield |
| 6 | 87313Crownpoint | 96#102 nat | 10.4%Survey yield |
| 7 | 87327Zuni Pueblo | 96#106 nat | 10.3%Survey yield |
| 8 | 87528Dulce | 95#118 nat | 10.1%Survey yield |
| 9 | 88072Vado | 94#163 nat | 9.2%Survey yield |
| 10 | 88256Loving | 91#320 nat | 7.3%Survey yield |
| 11 | 88045Lordsburg | 90#371 nat | 9.7%Survey yield |
| 12 | 87016Estancia | 89#385 nat | 8.3%Survey yield |
Deepest rental-market ZIP Codes in New Mexico
State-scoped leaders on the rental-market-context subscore only (national rank shown is within that subscore’s data-eligible universe). Rental depth/tightness: a separate component, never combined here with affordability.
| # | ZIP Code | Rental market | Key metric |
|---|---|---|---|
| 1 | 87301Gallup | 79#368 nat | 6.6%Survey yield |
| 2 | 87010Los Cerrillos | 77#529 nat | 3.6%Survey yield |
| 3 | 87420Shiprock | 76#711 nat | 8.0%Survey yield |
| 4 | 88001Las Cruces | 75#916 nat | 5.9%Survey yield |
| 5 | 88346Ruidoso Downs | 74#1,042 nat | 7.2%Survey yield |
| 6 | 88005Las Cruces | 73#1,201 nat | 4.8%Survey yield |
| 7 | 87528Dulce | 72#1,523 nat | 10.1%Survey yield |
| 8 | 87714Cimarron | 71#1,627 nat | 5.9%Survey yield |
| 9 | 88267Tatum | 71#1,686 nat | 10.2%Survey yield |
| 10 | 87102Albuquerque | 71#1,711 nat | 5.6%Survey yield |
| 11 | 87501Santa Fe | 71#1,738 nat | 2.9%Survey yield |
| 12 | 88063Sunland Park | 70#1,984 nat | 9.2%Survey yield |