How many renters live in New Mexico?
The State of New Mexico has people living in households.
There are renters living in renter households in this State. Renters make up 27.6 percent of the population living in New Mexico.
What is the rental market like in New Mexico?
There are an estimated housing units in the New Mexico area. Of these, units are rental homes, making up percent of the housing market. For every renter household in New Mexico, there are 1.19 rental units.
What is the vacancy rate for rentals in New Mexico?
The rental vacancy rate in New Mexico is 8 percent. This is a higher than average vacancy rate. When rental vacancy rates are high it means that there are a lot of available units and rents tend to be lower.
How many rental units are in New Mexico for each bedroom size?
Occupied Rental Units by Size in New Mexico
| Studio | One-Bedroom | Two-Bedroom | Three-Bedroom | Four+ Bedrooms |
|---|---|---|---|---|
| 239 | 841 | 2,845 | 3,398 | 791 |
Occupied Rental Units by Size in New Mexico
A large number of apartments in New Mexico have two or fewer bedrooms. Seniors and young professionals especially may have more success finding an apartment that meets their needs.
How many units are rented at Fair Market Rent (FMR) in New Mexico?
Renters with a Section 8 Housing Choice Voucher must select a home that is at or below the area’s Fair Market Rent. Markets with a large share of units above FMR tend to have longer search times to find a qualified unit, while those with a large share of units below FMR tend to have more choices and shorter search times. The share below FMR can vary by size of unit, as shown in the table below.
These are the approximate number of units renting below the FMR in this market:
| Unit Size | Count of Units Below FMR | Percentage of Total Units Below FMR |
| Studio | 148 | 62 percent |
| One BR | 499 | 59 percent |
| Two BR | 1,682 | 59 percent |
Rental Units Below FMR in New Mexico
How many affordable rental units are in New Mexico?
There are a variety of federal affordable housing programs serving households in New Mexico including the following:
| Federal Program | Unit Count |
| Low Income Housing Tax Credit | |
| Public Housing | |
| Section 8 Project-Based Rental Assistance | |
| USDA Section 515 Rural Rental Housing |
Tracked Units by Federal Program in New Mexico
Rental units may be funded in part by multiple federal programs.
Income Based Apartments in New Mexico
New Mexico features 13,930 income based apartments. Tenants of income based apartments typically pay no more than 30% of their income towards rent and utilities.
Low Rent Apartments in New Mexico
There are 13,903 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in New Mexico.
Housing Choice Vouchers in New Mexico
On average, Section 8 Housing Choice vouchers pay New Mexico landlords $600 per month towards rent. The average voucher holder contributes $300 towards rent in New Mexico.
The maximum amount a voucher would pay on behalf of a low-income tenant in New Mexico for a two-bedroom apartment is between $789 and $965.
Sourced from federal housing data and AffordableHousingOnline.com research.