All homes and bedroom counts
Markets / New Mexico / Las Cruces
RENTAL MARKET INTELLIGENCE
Las Cruces, NM
Las Cruces merits investigation by yield-focused buyers prepared to screen flood exposure and tenant affordability; buyers seeking strong rent momentum or a tight resale market should avoid it.
Median price$289k
Median rent$1,449
Gross yield6.0%
Job growth▲ 1.9%
Composite Market ScoreRank #299 of 571 scored US market areas
Direct rental answer
How much is rent in Las Cruces, NM?
Zillow's metro-wide Observed Rent Index is $1,449 per month for 2026-06-30. That is up 1.86% from a year earlier.
Occupied rental units paying rent
Two-bedroom standard
These figures are not averaged together. Zillow and Realtor describe asking-rent markets, ACS measures rent paid by surveyed households, and HUD publishes administrative bedroom standards.
Exact county schedules
HUD rent benchmarks inside Las Cruces
Every row keeps its own county FIPS schedule. No county is selected as a metro proxy and no synthetic metro FMR is calculated.
| County | Studio | 1 BR | 2 BR | 3 BR | 4 BR |
|---|---|---|---|---|---|
| Doña Ana County, NMFIPS 35013 | $744 | $951 | $1,042 | $1,449 | $1,580 |
The read
Why this market scores where it does
Las Cruces merits investigation by yield-focused buyers prepared to screen flood exposure and tenant affordability; buyers seeking strong rent momentum or a tight resale market should avoid it. The median home value is $289,360 and gross yield is 6.01%, while prices slipped 0.24% year over year.
The opportunity is labor-market strength without rising acquisition prices: jobs grew 1.87%, and asking rent rose 1.86%. However, median rent consumes 30.59% of median household income, pointing to limited room for aggressive rent assumptions despite recent growth.
Execution risk sits in supply, liquidity, and water exposure. Inventory stands at 4.6 months, homes take 53 days to sell, and the price-drop share is 21.95%. Inland flood is the dominant hazard, so buyers should verify property-level exposure and insurance terms.
Frequently Asked Investor Questions
What evidence suggests negotiating leverage on acquisition?
The median home value fell 0.24% year over year; supply is 4.6 months, median days on market is 53, and the price-drop share is 21.95%.
How stretched are renter finances?
Median asking rent is $1,449, equal to 30.59% of median household income of $56,848.
What do tax filings show about migration?
Tax filings show 5,072 households moved in and 4,965 moved out, leaving net migration of 107; average inbound-mover AGI exceeded outbound-mover AGI by $1,827.
Investor Quick Takeaways
Gross Yield: 6.0%
Computed from the current Zillow rent and home-value medians.
Rent Momentum: ▲ 1.86%
Zillow ZORI rent growth trend over trailing 12 months.
Investor Activity: 4.7%
Originated investment purchase share (CFPB HMDA).
Climate Exposure: FEMA NRI
Annualized loss ratio evaluated for flood & hurricane risk.
Put the evidence to work
Test the market, then test the deal
Keep Las Cruces as the starting point or move into a more specific property and rent check.
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Market pulse
The current market in eight signals
Fast-moving Redfin conditions sit beside the slower fundamentals so a buyer can separate today's negotiating climate from the long-run investment case.
Months of supply4.6 mo.▼ from 4.8 mo. a year ago
Median days on market53 days▲ from 43 days a year ago
Listings with price drops21.9%▼ from 29.7% a year ago
Sale-to-list ratio98.9%2026-05-01
Home value growth▼ 0.2%Zillow ZHVI · trailing 12 months
Rent growth▲ 1.86%Zillow ZORI · trailing 12 months
Gross rental yield6.0%Rent × 12 ÷ price
Payroll job growth▲ 1.9%CES · 12m to 2026-06
Release-to-release evidence
What actually changed
This comparison exists because at least one underlying source period advanced. Rebuilding the same data never creates a new observation.
Published score held steady48→48
0 ptsThe published component scores did not move in this release.
Weights were unchanged at metro-2026-07-v2-omb2023, so the movement comes from refreshed evidence and percentile ranks.
The named source periods advanced, but the measured values on this page held steady.
The one chart
Rents versus prices, indexed to 2019
Both series start at 100. The gap between the lines is the investment case, and which line is closing it tells you what kind of market this is.
Reindexed Price vs. Rent Growth
2019 = 100 · annual · 2019–2026
Since 2019, prices are up 60% and rents 53%. Prices running ahead of rents is what compresses yield. ✓ recomputed from series
Composite breakdown
What each component measures
Weights are published, not hidden, and the arithmetic is shown. Five components, each measured as a national percentile across all tracked metros.
Published arithmeticComponent × weight = points
48| Signal | Score | Weight | Points |
|---|---|---|---|
| Job growth | 96 | 30% | 28.80 |
| Rent trend | 28 | 25% | 7.00 |
| Affordability | 16 | 15% | 2.40 |
| Supply pressure | 23 | 15% | 3.45 |
| Climate risk | 42 | 15% | 6.30 |
| Published score | 48 | ||
Las Cruces, NM scoreRank #299
48Job growth96/100
Job: CES employment grew 1.87% year over year -> labor is the clearest positive signal, though it does not by itself establish rental demand.
Rent trend28/100
Rent: Asking rent rose 1.86%, but the rent component score is 28 -> recent growth is positive while the broader rent signal remains weak.
Affordability16/100
Affordability: Median rent is 30.59% of median household income and price-to-income is 5.09 -> renters and buyers face meaningful budget constraints.
Supply pressure23/100
Supply: Inventory is 4.6 months, median market time is 53 days, and the price-drop share is 21.95% -> buyers may have negotiating room, but resale liquidity is not tight.
Climate risk42/100
Climate: Inland flood is the dominant hazard and the annual building-value loss ratio is 0.1545% -> property-level water exposure requires specific diligence.
The numbers
What this market costs and what it earns
Every derived ratio below recomputes from the same source record used by the article and score.
ZHVI Median Price
$289k
YoY ▼ 0.2%
ZORI Median Rent
$1,449
YoY ▲ 1.86%
Gross Rental Yield
6.0%
Rent × 12 ÷ price
$1,449 × 12 ÷ $289,360
Job Growth (YoY)
▲ 1.9%
CES payrolls
Job signal 96/100
Median Household Income
$57k
Census ACS 5-year
Rent Burden
30.6%
Annual rent ÷ household income
Price-to-Income
5.1x
Median value ÷ household income
HUD 2BR Fair Market Rent
$1,042
Market rent 139.1% of FMR
Historical affordability context
Compare aligned 2019 and 2024 asking-rent and nominal household-income endpoints across the direct-overlap metro set.
Independent rent evidence
One market, several legitimate rent benchmarks
These releases observe different homes and different moments. RentMarker keeps them separate: ZORI remains the scoring baseline, while the other sources test how sensitive the market story is to bedroom mix and measurement method.
Monthly benchmark4 of 4 reported values
Zero-based scale$1,449Primary RentMarker baseline
2026-06-30
All homes and bedroom counts
A smoothed metro rent index for observed rentals; it is the primary rent used by RentMarker scores and career ratios.
View source release ↗$951−$498 vs ZORI
FY2026 FMR
One-bedroom standard
An administrative gross-rent benchmark used by HUD programs; it is neither a listing median nor a prediction of one lease.
View source release ↗$1,042−$407 vs ZORI
FY2026 FMR
Two-bedroom standard
An administrative gross-rent benchmark used by HUD programs; it is neither a listing median nor a prediction of one lease.
View source release ↗$934−$515 vs ZORI
ACS 2024 5-year
Occupied rental units paying rent
A five-year survey estimate of contract rent plus applicable tenant-paid utilities; it is not a current asking-rent index.
View source release ↗Take the next step
Keep Las Cruces as context, then replace market-wide evidence with the candidate property's facts.
Direct local rental evidence
Recent leases and rental-market liquidity in Las Cruces, NM
These Apartment List observations match the exact metro CBSA code 29740. They are kept separate from Zillow asking rent, Census occupied-home rent and property-level comparables.
Direct recent-lease rent history
Monthly overall-rent index; missing observations are not filled from another geography.
Recent-lease rent$8942026-07 · +7.6% year over year
Rental vacancyn/an/a
Time on marketn/an/a
Regional price level
What feels expensive inside Las Cruces
BEA compares each category with the United States, which equals 100. This is a 2024 price-level comparison—not annual inflation.
BEA Regional Price Parities · 2024US = 100
Occupation wage lens
How asking rent sits against major local occupations
Annualized Zillow asking rent is divided by each BLS annual median wage. This is a screening ratio for one wage, not a household budget or affordability verdict.
Six largest published major groupsannual rent ÷ median wage
Office and Administrative Support Occupations$40,110 median wage
43.4%
Healthcare Support Occupations$27,970 median wage
62.2%
Food Preparation and Serving Related Occupations$29,490 median wage
59.0%
Educational Instruction and Library Occupations$61,380 median wage
28.3%
Sales and Related Occupations$32,100 median wage
54.2%
Transportation and Material Moving Occupations$36,500 median wage
47.6%
Supply pipeline
What is being built, and for whom
Permits are the 12-to-24 month early warning. The total matters less than the mix: apartments compete with a rental the day they open.
National supply context
Compare this authorization pipeline with asking-rent growth, jobs and for-sale liquidity across the evidence-complete metro set.
Building permits by structure type
units per year · latest year annualised
744 units authorised in 2026, 0% of them in 5+ unit buildings. This is a single-family building cycle, so the competition is other houses, not new apartments. ✓ recomputed from series
Who is arriving, and who is buying
Demand, and the competition for it
Tax filings say how many households moved and what they earn; mortgage disclosures say how many local purchases went to someone who will not live there. Moves between counties inside this metro are netted out of both flow figures.
Net Household Move
+107
5,072 in vs 4,965 out (IRS SOI)
▲ 2.1% of arriving households
Mover Income Gap
+$1,827
Arriving $53,745 vs leaving $51,918
Average AGI per tax return (IRS SOI)
Investor Purchase Share
4.7%
121 of 2,572 originated purchase loans
CFPB HMDA 2024
Dominant Hazard
inland flooding
0.154% building value annual loss ratio
FEMA NRI · risk type: water
Compare yield and FEMA exposure →Households arrive mainly from: El Paso County · Otero County · Bernalillo County · Maricopa County · Luna County
✓ 5,072 in − 4,965 out = 107 netDirect market links
Where tax-return households moved from and to
These are the largest flows where both counties map to a RentMarker market area. They are a documented subset of the all-US IRS totals above.
Leading inbound markets
- El Paso, TX1,180 arriving
- Albuquerque, NM310 arriving
- Alamogordo, NM226 arriving
Leading outbound markets
- El Paso, TX1,015 leaving
- Albuquerque, NM396 leaving
- Phoenix, AZ233 leaving
The other side
What would make this a bad buy
Generated from the same figures with the instruction to argue against the score, and published unedited. A page that only agrees with itself is an advertisement.
Three ways the case breaks
- Rent performance could disappoint because the rent component score is 28 and asking rent already equals 30.59% of median household income.
- Resale proceeds could disappoint because home values fell 0.24% year over year, median market time is 53 days, and the price-drop share is 21.95%.
- Water-related losses could erode returns because inland flood is the dominant hazard; property-specific exposure and insurance terms are not published.
Inside this metro area
Move from the market-area average to local evidence
Use the available county and city pages to add local price, rent, housing, migration and hazard context to the market-area view.
County records
Cities in this market
Statistical peers
Market areas that behave like Las Cruces
Nearest neighbours on price level, income, yield and job growth — not on geography. Every market page gets a different peer set, which is the point.
| Market area | Score | Price | Rent | Yield | Job Growth |
|---|---|---|---|---|---|
| Las Cruces, NM (Target) | 48 | $289k | $1,449 | 6.0% | ▲ 1.9% |
| Auburn, AL | 63 | $354k | $1,728 | 5.9% | ▲ 1.8% |
| Farmington, NM | 72 | $278k | $1,286 | 5.5% | ▲ 1.5% |
| Greenville, NC | 55 | $247k | $1,407 | 6.9% | ▲ 1.6% |
| Kingsport, TN | 69 | $249k | $1,362 | 6.6% | ▲ 1.2% |
Provenance
Where every figure came from
“Checked nightly” means every source is re-pulled and re-verified each night. It does not mean every source moves nightly — the release column tells you how fresh each number can possibly be.
| Dataset Source | Method | Release Period | Pulled Date |
|---|---|---|---|
| Census ACS 5-year — household income and gross rent | direct | ACS 2024 5-year | 2026-08-05 |
| Census ACS 5-year — historical household income | direct | ACS 2019 and 2024 5-year | 2026-08-05 |
| Census ACS 5-year — population | direct | ACS 2024 5-year | 2026-07-26 |
| Apartment List Rent Estimates — recent-lease rent index | direct | Apartment List 2026-07 | 2026-08-08 |
| Apartment List Time on Market — listing liquidity | direct | Apartment List 2026-07 | 2026-08-08 |
| Apartment List Vacancy Index — rental vacancy | direct | Apartment List 2026-07 | 2026-08-08 |
| BEA County Personal Income — income and population | direct | 2024 County Personal Income (released 2026-02-05); history 1969-2024 | 2026-08-03 |
| BEA Regional Price Parities — metropolitan price levels | direct | 2024 Regional Price Parities (released 2026-02-19); history 2008-2024 | 2026-08-03 |
| BLS CES — payroll employment | direct | CES SM current | 2026-07-26 |
| BLS LAUS — resident employment | direct | LAUS current | 2026-07-26 |
| BLS OEWS — occupation employment and wages | direct | May 2025 OEWS estimates (released 2026-05-15) | 2026-08-03 |
| BLS QCEW — county employment and wages | direct | annual county employment and wages 2021-2025; latest 2025 vs 2024 | 2026-08-02 |
| OMB/BLS delineation — metro geography | direct | OMB July 2023 delineation | 2026-07-30 |
| Census Building Permits Survey — permitted units | direct | BPS through 2026 | 2026-07-26 |
| Census ACS 5-year — city population, households and housing | direct | ACS 2024 5-year | 2026-07-29 |
| Census ACS 5-year — county housing value, tenure and stock | direct | ACS 2024 5-year | 2026-07-30 |
| Census ACS 5-year — cities and communities | direct | ACS 2024 5-year | 2026-07-30 |
| Census ACS five-year — ZCTA housing and income | direct | ACS 2024 5-year ZCTA | 2026-08-08 |
| FEMA National Risk Index — hazard loss ratios | modelled | NRI counties (FEMA ArcGIS) | 2026-07-26 |
| FHFA House Price Index — annual county appreciation | direct | annual county HPI history 1975-2025; latest 2025 | 2026-08-02 |
| HMDA / CFPB — purchases by occupancy type | direct | HMDA 2024 purchase originations | 2026-07-26 |
| HUD CHAS — renter burden by HAMFI income band | direct | HUD CHAS 2018-2022 ACS 5-year (released 2025-12-23) | 2026-08-03 |
| HUD Fair Market Rents — Section 8 standard | direct | FY2026 FMR | 2026-07-26 |
| HUD USPS crosswalk and Small Area FMRs — ZIP rent fallback | direct | ZIP-CBSA 2025Q4 + SAFMR FY2026 | 2026-07-26 |
| HUD-USPS ZIP-to-county residential-address crosswalk | direct | HUD-USPS 2026Q1 | 2026-08-09 |
| IRS SOI — county migration and mover income | direct | SOI migration 2022-2023 | 2026-07-26 |
| Freddie Mac PMMS — mortgage rates | direct | week of 2026-07-30 | 2026-08-06 |
| Census ACS 5-year — effective property tax | direct | ACS 2024 5-year | 2026-08-06 |
| Realtor.com Economic Research — county listing inventory | direct | county inventory 2026-06 | 2026-07-28 |
| Realtor.com Rental Report — top-50 asking rents | direct | top-50 rental asking rents 2026-05 | 2026-08-05 |
| Redfin Data Center — inventory, days on market, and price cuts | direct | metro tracker through 2026-05-01 | 2026-07-26 |
| Redfin Data Center — ZIP resale activity and supply | direct | ZIP rolling 3 months through 2026-06-30; updated 2026-07-03 | 2026-08-12 |
| USDA ERS — Rural-Urban Continuum Codes | direct | USDA ERS 2023 Rural-Urban Continuum Codes | 2026-08-02 |
| Zillow ZHVI and ZORI — county values and rents | direct | county ZHVI/ZORI 2026-06 | 2026-07-26 |
| Zillow ZHVI — metro home values | direct | Metro_zhvi_uc_sfrcondo_tier_0.33_0.67_sm_sa_month.csv | 2026-07-26 |
| Zillow ZHVI — city home values | direct | zillow_zhvi_city.csv | 2026-07-29 |
| Zillow ZORI — metro market rents | direct | Metro_zori_uc_sfrcondomfr_sm_sa_month.csv | 2026-07-26 |
| Zillow ZORI — city market rents | direct | zillow_zori_city.csv | 2026-07-29 |
| Zillow ZORI - metro market rents, not seasonally adjusted | direct | Metro_zori_uc_sfrcondomfr_sm_month.csv | 2026-08-15 |
| Zillow ZORI — ZIP market rents | direct | ZORI ZIP 2026-06 | 2026-08-08 |