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Santa Fe, NM vs Las Cruces, NM
A 2-bedroom in Las Cruces costs $643 less per month than Santa Fe ($1,042 vs $1,685). Median income is $74,689 in Santa Fe and $55,663 in Las Cruces. That's a difference of $7,716 per year in housing costs.
Side-by-Side Comparison
| Metric | Santa Fe | Las Cruces |
|---|---|---|
| Studio FMR | $1,259 | $744 |
| 1BR FMR | $1,390 | $951 |
| 2BR FMR | $1,685 | $1,042 |
| 3BR FMR | $2,122 | $1,449 |
| 4BR FMR | $2,231 | $1,580 |
| Median Income | $74,689 | $55,663 |
| Rent Burden | 27.1% | 22.5% |
| Actual Median Rent | $1,318 | $903 |
| Median Home Value | $416,900 | $205,400 |
| Population | 155K | 222K |
| Renter % | 29.4% | 34.7% |
| Vacancy Rate | 10.7% | 8.6% |
| Poverty Rate | 12.5% | 22.2% |
| YoY Change | +9.8% | +5.4% |
| Min Wage | $12.00/hr | $12.00/hr |
Income Required to Afford a 2-Bedroom
Santa Fe, NM
Annual Income Needed
$67,400
Hourly Wage Needed
$32/hr
Min Wage Work Hours/Week
108 hrs
at $12.00/hr (NM min wage)
Las Cruces, NM
Annual Income Needed
$41,680
Hourly Wage Needed
$20/hr
Min Wage Work Hours/Week
66.8 hrs
at $12.00/hr (NM min wage)
Frequently Asked Questions
Las Cruces, NM is more affordable with a 2BR FMR of $1,042/mo, which is $643 less than Santa Fe at $1,685/mo. However, when considering local incomes, Santa Fe has a rent burden of 27.1% vs 22.5% in Las Cruces.
A 2-bedroom in Santa Fe, NM costs $1,685/mo at Fair Market Rent, while in Las Cruces, NM it's $1,042/mo, a difference of $643/mo or $7,716/year.
To afford a 2BR without spending more than 30% of income on rent: Santa Fe requires $67,400/year ($32/hr). Las Cruces requires $41,680/year ($20/hr).
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