The typical owner-occupied home in New Mexico is worth about $248,100, 25% below the national median of $332,700. Owners pay a median $1,731 a year in property taxes, about 0.70% of their home's value, lower than the national rate of 0.94%. The median household earns $64,059 a year, so the median home costs 3.9 times the median income (4.1 times for the U.S.). 70% of occupied homes here are lived in by their owners, and 52% of those owners still have a mortgage.
New Mexico at a glance
| New Mexico | U.S. | |
|---|---|---|
| Median home value | $248,100 | $332,700 |
| Median property tax paid per year | $1,731 | $3,119 |
| Property tax as a share of value | 0.70% | 0.94% |
| Median household income | $64,059 | $80,734 |
| Homes lived in by their owners | 70% | 65% |
| Owner homes with a mortgage | 52% | 61% |
| Median monthly costs, owners with a mortgage | $1,564 | $1,963 |
| Those costs as a share of the owners' income | 20.6% | 21.0% |
| Median rent | $1,067 | $1,413 |
| Rent as a share of renters' income | 30.1% | 30.6% |
| Median year homes were built | 1985 | 1980 |
| Vacant homes | 12.5% | 10.1% |
| Population | 2,120,246 | 334,922,499 |
What a typical home costs per month in New Mexico
At this week's average 30-year rate of 7.11%, buying the median New Mexico home of $248,100 with 20% down costs about $1,583 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $1,997, because the loan is bigger and FHA adds mortgage insurance.
Lenders usually want housing costs under about 28% of gross income, which means an income of roughly $67,855 for the 20%-down payment. That payment is 30% of the median New Mexico household income of $64,059; at that income and 20% down, the 28% guideline points to a home of about $234,000.
The median rent here is $1,067 a month, so owning the median home costs about $516 a month more than renting, before you count the equity you build and any tax benefits.
| Down payment | $49,620 |
|---|---|
| Loan amount | $198,480 |
| Principal and interest | $1,335 |
| Property taxes (0.70% a year) | $145 |
| Homeowners insurance (our estimate, 0.5% a year) | $103 |
| PMI | $0 |
| Total per month | $1,583 |
Change the numbers in the calculator
| Down payment | $8,684 |
|---|---|
| Loan amount | $243,606 |
| Principal and interest | $1,639 |
| Property taxes (0.70% a year) | $145 |
| Homeowners insurance (our estimate, 0.5% a year) | $103 |
| FHA mortgage insurance | $110 |
| Total per month | $1,997 |
Change the numbers in the calculator
Questions about home buying in New Mexico
What is the median home value in New Mexico?
About $248,100 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in New Mexico?
Homeowners pay a median $1,731 a year, which is about 0.70% of the median home value. Your bill depends on your home's assessed value and local rates.
What income do you need to buy a home in New Mexico?
For the median home with 20% down at 7.11%, the payment is about $1,583 a month. Keeping that under 28% of gross income takes about $67,855 a year.
More about New Mexico
- Mortgage Refinance in New Mexico
- Debt Relief in New Mexico
- Home Equity Loans in New Mexico
- Guides and quotes for mortgage refinance on our sister site, MortgageRefinance.com
Sources: U.S. Census Bureau, American Community Survey 2020–2024 5-year estimates; Freddie Mac Primary Mortgage Market Survey, week of November 12, 2026. Estimates for small places have wide margins of error. About our data