Price Reduced! Water, sewer, and gas stubbed in! .51 acres! Buy this lot today! Invest in Rio Rancho! Rio Rancho is the 3rd largest city in New Mexico, the fastest growing community in the state, and one of the fastest growing in the southwest. Rio Rancho sits at an elevation of approximately 5,290 feet and enjoys a picturesque view of the Sandia Mountains. Accolades: In 2017, Rio Rancho was named the Best Place to Live in New Mexico by MONEY's Best Places to Live in Every State.