NM · Housing affordability · 2024

New MexicoHousing Affordability by County

New Mexico's housing market is mid-range — neither crisis nor bargain

At 3.9× of a typical annual income, New Mexico sits comfortably in the middle of the national pack. Buyers face real costs but not the extremes seen in coastal states.

Getting pricey Population: 2,120,246

A mid-range market — neither a bargain nor a crisis by national standards.

Years of income to buy a home

3.9×

▼ 7% vs US average

Typical home price

$248,100

▼ 28% vs US average

Typical monthly rent

$1,067

▼ 19% vs US average

Renters paying too much for rent

45.0%

▼ 0% vs US average

Homeowners stretched thin

14.6%

▼ 9% vs US average

Typical household income

$64,059

▼ 20% vs US average

How to read the bars: the coloured bar is NM's value; the grey tick is the US average. "Paying too much" means spending more than 30% of income on housing — the standard economic threshold for cost burden.

What the data shows

Buying a home in New Mexico is manageable for many families, though it takes real commitment. The typical home costs $248,100, which is about 3.9× of the typical household income of $64,059 a year. A family saving their entire income would need around 3.9 years to cover the purchase price — before mortgage interest, taxes, or upkeep.

Renters face real pressure. The typical rent in New Mexico is $1,067 a month, and 45% of renters spend more than 30% of their income on housing — the point at which most financial advisers say rent becomes unaffordable. That figure is 0% lower than the national average of 45%.

14.6% of New Mexico homeowners with a mortgage spend more than 30% of their income on housing — close to the national average of 16.1%.

How New Mexico ranks nationally

Rank 1 = most expensive / highest burden. Compared against all 50 states and DC (51 in total).

Years to buy a home

26th

of 51 states

Typical home price

37th

of 51 states

Typical monthly rent

36th

of 51 states

Renters paying too much

25th

of 51 states

Common questions

Is New Mexico affordable to live in? +

It depends on what you're comparing to. New Mexico is in the middle of the pack nationally. The typical home costs $248,100, which is 3.9× of the typical household income — above the national average, but far from the extremes seen in California or Hawaii.

What is the average rent in New Mexico? +

The typical monthly rent in New Mexico is $1,067, according to the 2024 American Community Survey. About 45% of NM renters spend more than 30% of their income on rent.

How much do you need to earn to buy a home in New Mexico? +

As a rough guide, you'd need a household income of around $62,000 a year to comfortably afford the typical New Mexico home of $248,100, assuming a 20% down payment and standard mortgage terms. The typical New Mexico household earns $64,059 a year.

Explore New Mexico county by county on the map

The state average is only part of the story. Drill into individual counties and census tracts to see where affordability varies most across New Mexico.

Open NM on the map

Other states in the same tier — Getting pricey