The typical owner-occupied home in Hope is worth about $113,600, 54% below the New Mexico median of $248,100 and 66% below the national median of $332,700. Owners pay a median $822 a year in property taxes, about 0.72% of their home's value, close to the New Mexico rate of 0.70%. The median household earns $111,250 a year, so the median home costs 1.0 times the median income (3.9 times for New Mexico). 100% of occupied homes here are lived in by their owners, and 43% of those owners still have a mortgage.
Hope at a glance
| Hope | New Mexico | U.S. | |
|---|---|---|---|
| Median home value | $113,600 | $248,100 | $332,700 |
| Median property tax paid per year | $822 | $1,731 | $3,119 |
| Property tax as a share of value | 0.72% | 0.70% | 0.94% |
| Median household income | $111,250 | $64,059 | $80,734 |
| Homes lived in by their owners | 100% | 70% | 65% |
| Owner homes with a mortgage | 43% | 52% | 61% |
| Median monthly costs, owners with a mortgage | $1,111 | $1,564 | $1,963 |
| Those costs as a share of the owners' income | 11.7% | 20.6% | 21.0% |
| Median rent | – | $1,067 | $1,413 |
| Median year homes were built | 1956 | 1985 | 1980 |
| Vacant homes | 22.2% | 12.5% | 10.1% |
| Population | 49 | 2,120,246 | 334,922,499 |
What a typical home costs per month in Hope
At this week's average 30-year rate of 7.11%, buying the median Hope home of $113,600 with 20% down costs about $727 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $916, 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 $31,151 for the 20%-down payment. That payment is 8% of the median Hope household income of $111,250; at that income and 20% down, the 28% guideline points to a home of about $406,000.
| Down payment | $22,720 |
|---|---|
| Loan amount | $90,880 |
| Principal and interest | $611 |
| Property taxes (0.72% a year) | $68 |
| Homeowners insurance (our estimate, 0.5% a year) | $47 |
| PMI | $0 |
| Total per month | $727 |
Change the numbers in the calculator
| Down payment | $3,976 |
|---|---|
| Loan amount | $111,542 |
| Principal and interest | $750 |
| Property taxes (0.72% a year) | $68 |
| Homeowners insurance (our estimate, 0.5% a year) | $47 |
| FHA mortgage insurance | $50 |
| Total per month | $916 |
Change the numbers in the calculator
Questions about home buying in Hope
What is the median home value in Hope?
About $113,600 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Hope?
Homeowners pay a median $822 a year, which is about 0.72% 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 Hope?
For the median home with 20% down at 7.11%, the payment is about $727 a month. Keeping that under 28% of gross income takes about $31,151 a year.
More about Hope
- Mortgage Refinance in Hope
- Debt Relief in Hope
- Home Equity Loans in Hope
- 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