Quick facts: Rio rancho, NM

Quick Facts

95.0
Cost of Living
below US average
108,082
Population
21.16
Crime Rate per 1000
below US average
$78,978
Median Income
below US average
$85,000
Median House Price
above US average
$1712.39
Average Rent
above US average
12%
Poverty Rate
above US average
4.6%
Unemployment Rate
above US average

πŸ’΅ Affordability Calculator

Based on the 28/36 rule: housing costs should not exceed 28% of your gross income. Compared against local median income of $78,978.

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Income Needed to Buy

βœ“ Affordable
$27k/year
Based on $85,000 median home price
Assumes 30-year mortgage at 7% with 20% down payment
πŸ“Š Median income ($78,978) exceeds requirement
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Income Needed to Rent

βœ“ Affordable
$73k/year
Based on $1712.39/month average rent
Annual income where rent = 28% of gross
πŸ“Š Median income ($78,978) exceeds requirement
πŸ’‘ 28/36 Rule: Housing ≀28% of gross income, total debt ≀36%. This is a guideline used by many lenders.

Overview for Rio rancho, NM

Rio Rancho is a thriving city located in Sandoval County, New Mexico, just north of Albuquerque. Established in the 1960s, it has grown rapidly and now ranks as the third-largest city in New Mexico. Known for its scenic views of the Sandia Mountains, the city offers a blend of suburban living with easy access to urban amenities. The city is home to a diverse population and boasts a family-friendly atmosphere, making it an attractive location for residents. It features numerous parks, recreational facilities, and outdoor activities, particularly for those who enjoy hiking, biking, and exploring the beautiful New Mexico landscape. Rio Rancho has a developing economy, heavily influenced by technology, healthcare, and retail sectors. With a focus on education, it serves families with a range of public and private schools, along with proximity to several higher education institutions. Culturally, Rio Rancho embraces its Southwestern heritage, with various community events and festivals throughout the year. The city’s strong sense of community and ongoing development makes it a desirable place to live, work, and raise a family.

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