Homes for Rent in Rio Rancho, NM: What You Need to Know
Rio Rancho in west-central New Mexico is the state’s third-largest city, behind Albuquerque and Las Cruces. It’s a suburb of Albuquerque.
Rio Rancho is the largest city and economic center of Sandoval County. The city’s economic base includes health care, retail trade, educational services, mining, oil and gas, utilities, and agriculture. Some of Rio Rancho’s top employers are Intel, Rio Rancho Public Schools, Hewlett-Packard, Safelite Autoglass, Convergys/Stream Global, and U.S. Cotton.
In 1961, the American Realty and Petroleum Corporation (AMREP) bought 55,000 acres of land outside of Albuquerque, and turned it into a housing development called Rio Rancho Estates. AMREP marketed the development in the Midwest and eastern states. The first homes were built in 1962, mostly for middle-income retirees. The city was incorporated in 1981 as Rio Rancho. Some people who bought land for investment purposes sued AMREP for fraud. In 1977, AMREP and a few of its top officials were found guilty of fraud. The Federal Trade Commission filed a civil lawsuit against AMREP based on similar charges in 1993. It resulted in a settlement.
Is It Expensive to Live in Rio Rancho?
Rio Rancho, only 17 miles away from Albuquerque, is quite affordable. The city’s cost of living rate, food, and housing costs are 7.8%, 3.6%, and 23.7% lower than the national average, respectively. The median gross rent is $1,167. The tax burden in New Mexico is also low, with an income tax rate ranging from 1.7% to 4.9%. The state doesn’t have a sales tax, but it charges businesses a gross receipts tax, which they pass on to consumers.
Is Rio Rancho a Good Place to Live?
Rio Rancho is home to 99,178 people. A number of publications and websites have recognized it for its high quality of life and low crime rate, with an environment that’s friendly to families and businesses. Rio Rancho has more than 40 parks, trails, and bike paths. The city’s 20 public schools (17,293 students) boast an average math proficiency score of 32% versus the New Mexico average of 22% and a reading proficiency score of 41% compared with the 29% statewide average.
What Kind of Weather Does Rio Rancho Have?
Rio Rancho, at 5,290 feet above sea level, enjoys a mild, high desert climate. New Mexico is one of the 10 driest states in America. It’s no surprise that Rio Rancho receives only 12 inches of rain annually versus the national average of 38 inches. The city gets 10 inches of snow per year versus the U.S. average of 28 inches.