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These days, finding an affordable place to live in the New Mexico area can be challenging. Home prices in New Mexico are now at a median cost of $265,486, lower than the the United States average of $419,293.
The average cost of rent is $1,188/mo in New Mexico, primarily driven by the current value of real estate in the New Mexico area. In New Mexico, 30.03% of households rent, and 49.24% of homeowners own their homes outright.
Housing affordability isn’t just about home prices, though. The average household income in New Mexico is $6,025 per month. Households that rent pay about 19.72% of their income on rent here. New Mexico’s most expensive areas are in the northern regions, while the cheapest areas are in the northwestern parts of the state.
Source: BestNeighborhood calculations from the U.S. Census Bureau, American Community Survey (ACS) 2020-2024 5-year estimates.
Nearby States
States with Similar Populations
- Delaware: higher priced homes
- District of Columbia: higher priced homes
- Florida: higher priced homes
- Georgia: higher priced homes
- Connecticut: higher priced homes
- New Hampshire: higher priced homes
- Montana: higher priced homes
- New Jersey: higher priced homes
- New York: higher priced homes
- North Carolina: higher priced homes
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