Cost of Living in Albuquerque, NM (2026): What Renters Should Budget

Updated November 2026. Rent figures reflect October 2026 estimates from Apartment List's November report.

According to the Apartment List November 2026 Rent Index, the median rent across all apartment sizes in Albuquerque is $1,214, with one-bedrooms at $998 and two-bedrooms at $1,277. That is $170 below the national median, and the city's buses charge no fare, so a renter whose trips fit the ABQ RIDE network can budget $0 for ABQ RIDE fares.

Albuquerque's median rent fell 0.34% over the 12 months through October 2026, while the national median was essentially flat, up 0.06%. The budget questions that matter here are cooling, since summer electric rates run higher, and whether you rent alone or split a two-bedroom.

Albuquerque Cost of Living at a Glance

Source for rent rows: Apartment List's November 2026 release; October 2026 rent estimates. Full method and sources are in the appendix.

How to use these numbers: Start with the rent for the unit size you're considering. Add the planning estimates that apply to you, then replace them with listing-specific charges and your expected usage.

What Is the Median Rent in Albuquerque in 2026?

According to the Apartment List November 2026 Rent Index, the median one-bedroom rent in Albuquerque is $998, and the median two-bedroom is $1,277. Across all apartment sizes, the city median is $1,214.

Apartment List reports the median, the market midpoint, rather than a simple average. Apartment List's methodology describes it as the rent a searcher could expect across the full rental market, not only current listings.

Albuquerque's median rent slipped 0.49% in October after rising 0.20% in September. In October 2026, 25.9% of Albuquerque properties offered a special worth at least one month of free rent (Apartment List concession rate). Both are citywide figures, not what any one building asks.

Albuquerque's Two-Bedroom Median Runs $279 Above Its One-Bedroom

In Albuquerque a two-bedroom runs $279 more than a one-bedroom at the median, $1,277 against $998 for the whole unit. That step is 28.0%, above the roughly 19.5% benchmark across the 50 largest U.S. cities from Apartment List's July 2026 release.

How Does Albuquerque Rent Compare With Other Southwest Cities?

The useful comparison is the wider Southwest, the cities an Albuquerque renter would weigh across Arizona, Texas, New Mexico, and Colorado.

Source: Apartment List's November 2026 release; October 2026 rent estimates. City-level medians, not total-cost comparisons.

Among the cities compared here, Albuquerque is $31 above El Paso and $36 below Phoenix, with Santa Fe $216 and Denver $384 above it. Tucson is the one clearly cheaper option, $173 less overall and $129 less for a one-bedroom. Compare routes and fares in each city before you count the difference as savings.

Albuquerque's $1,214 all-sizes median is 1.8% below the Albuquerque metro's $1,236, while its one- and two-bedroom medians run slightly above the metro's. The metro covers Bernalillo, Sandoval, Valencia, and Torrance counties, including Rio Rancho and Los Lunas, so read it as a regional benchmark, not the price of any one suburb.

What Salary Do You Need to Rent in Albuquerque?

At the $998 median one-bedroom rent (Apartment List, November 2026 report), a rent-only budget of 30% of gross income needs about $39,920 a year.

The shared row assumes an equal split of the two-bedroom median between two renters, $638.50 each. Source: Apartment List's November 2026 release; October 2026 rent estimates.

The 30% figure is the share of gross income the U.S. Department of Housing and Urban Development (HUD) considers affordable, and HUD counts utilities inside it where this table counts rent alone. Subtract your expected utilities from 30% of gross monthly income to estimate a maximum base rent, then compare the total against take-home pay, debt, and savings goals.

This calculation is a budgeting benchmark. Confirm the property's income and screening requirements separately. Our guide to the 30% rule and how much to spend on rent covers when to flex it.

How Do You Know if You Can Afford an Albuquerque Apartment?

Work backward from your income.

1. Multiply your gross annual income by 0.30 and divide by 12 for a monthly housing allowance at the 30% benchmark. On a $50,000 gross salary that is about $1,250 a month.

2. Compare the allowance with the rent. Against Albuquerque's $998 one-bedroom median (Apartment List, November 2026 report), it leaves $252 inside that allowance, and the $132 electricity estimate takes the remaining room to about $120. A $1,277 two-bedroom is $27 over the allowance.

3. Run the same math on the listing's rent rather than the city median.

The Rent Calculator runs it against your actual income, and our guide to finding an apartment in your budget walks through the rest.

What Should You Budget Beyond Rent in Albuquerque?

The rent, electricity, and grocery subtotal is a partial budget. Add these costs, each marked as a local estimate, national benchmark, or personal input, to finish it.

How Much Does Electricity Cost in Albuquerque?

Budget about $132 a month at 1,000 kWh in a non-summer month and about $145 in summer, before the fuel adjustment and taxes, on PNM's residential rate effective April 1, 2026 with its energy efficiency surcharge. The summer figure reflects higher seasonal rates at the same usage, not extra cooling use; your own summer bill depends on how much you run the air conditioning. Ask the property for a recent July bill from a comparable apartment and whether the unit has evaporative or central air.

How Much Are Water and Sewer Bills in Albuquerque?

There is no single renter estimate. Some buildings fold water and sewer into rent, some bill you directly, and some split one building bill. The Albuquerque Bernalillo County Water Utility Authority sets rates for accounts in your name. Ask the property which applies and what similar apartments paid recently.

How Much Is Public Transit in Albuquerque?

Nothing. ABQ RIDE charges no fare on any service, including the ART rapid line. That removes bus fares from the budget, not the cost of a car for trips the network does not reach. Check the route map for your address before counting on the bus.

How Much Should You Budget for Groceries in Albuquerque?

Use about $441 a month as a starting grocery allowance for one adult cooking at home, from the USDA Moderate-Cost plan (September 2026 report). That is a national benchmark, not an Albuquerque price.

How Do Solo and Shared Albuquerque Budgets Compare?

Illustrative partial budget covering rent, electricity, and groceries only; ABQ RIDE fares are $0 in both columns, and the remaining costs are listed in the table above. Source: Apartment List's November 2026 release; October 2026 rent estimates. The shared column splits one modeled electric bill equally between two renters, an illustrative assumption, since a two-bedroom's actual use can differ from a one-bedroom's; each renter buys groceries separately at the one-adult allowance.

Each roommate carries $359.50 a month less rent than a solo renter, roughly $4,314 a year, and about $426 less once the shared electric bill is counted.

Compare Albuquerque With Your Current City

If you are moving to Albuquerque from somewhere else, compare total cost rather than rent alone. The Apartment List Cost of Living Calculator compares two cities using after-tax income, so work out your New Mexico take-home pay first. Whether you'd still need a car is the next number to price.

What Should You Check Before Applying for an Albuquerque Apartment?

Apartment List is free for renters to use. Confirm any application, administrative, or move-in fees directly with the property. Then work through these steps:

1. Add up the listing's rent and the recurring charges on its detail page, then confirm whether water, sewer, and trash are included.

2. Ask for the total move-in amount in writing, separate from the monthly total.

3. List what is still unresolved for that property, such as cooling type and July electric bill, bus access near the address, and any fees not yet disclosed.

The citywide median is a starting point. Rate My Rent grades a listing you are considering against comparable local apartments.

What Makes an Albuquerque Apartment Affordable for You?

Albuquerque's rents run below the national median, and ABQ RIDE charges no fare, so an apartment on a route that fits your trips can take fares out of your budget. Away from the network, a car goes back in and the rent advantage shrinks. Cooling is the other swing, since summer electric rates run higher at the same usage.

If a $998 one-bedroom plus utilities stretches your allowance, use the shared two-bedroom example above, then browse Albuquerque apartments near the routes you would use.

Appendix: Methodology and Data Sources

Apartment List rent figures throughout this guide come from the Apartment List Rent Estimates, November 2026 release, with data as of October 2026, built on the Apartment List Rent Estimate Methodology, a same-unit, repeat-transaction analysis.

Income figures are calculations based on the cited Apartment List rent medians and the 30% rent-to-income benchmark (monthly rent x 12 / 0.30, rounded to the nearest $10; the shared row uses the exact $638.50 share), not measured income data.

The $1,571 subtotal combines the median one-bedroom rent with the electricity and grocery estimates above and excludes water and sewer, transportation other than fares, internet, insurance, and parking. Electricity is PNM's Rate 1A at 1,000 kWh in a non-summer billing month ($127.02 in charges) plus the 3.967% energy efficiency rider (Rider 16), before the fuel adjustment and taxes; the summer figure applies the summer blocks ($139.13) plus the rider. Groceries are the USDA Moderate-Cost plan for one adult, September 2026 report: the average of the female and male 20 to 50 monthly costs, increased 20% for a one-person household.

Frequently Asked Questions About Albuquerque Rent and Cost of Living

What Is the Average Rent in Albuquerque?

Apartment List reports medians, not simple averages. The median one-bedroom in Albuquerque is $998, the median two-bedroom is $1,277, and the all-sizes median is $1,214 as of October 2026.

Is Public Transit Really Free in Albuquerque?

Yes. ABQ RIDE charges no fare on any of its services, and the City Council made Zero Fares permanent in November 2023. Check route frequency, operating hours, and travel time for your address before counting on the bus.

Is Albuquerque Affordable for Renters?

It depends on your income and the size you need. Under a rent-only 30% benchmark, a $998 one-bedroom lines up with about $39,920 in annual gross income, and a split $1,277 two-bedroom with about $25,540 per renter. These are budgeting estimates; each property sets its own income and screening requirements. Utilities and a car sit outside these figures.

Is Albuquerque Rent Going Up or Down?

Down 0.34% over the 12 months through October 2026 and 0.49% in October alone, according to the Apartment List November 2026 Rent Index. The national median rose 0.06%, essentially flat.

How Much Are Utilities in Albuquerque?

Electricity at 1,000 kWh runs about $132 a month on PNM's residential rate in a non-summer month and about $145 in June, July, or August, before the fuel adjustment and taxes. Water and sewer may be included in rent or billed separately, so confirm what rent covers.