The typical owner-occupied home in Fairacres is worth about $279,200, 13% above the New Mexico median of $248,100 and 16% below the national median of $332,700. Owners pay a median $1,659 a year in property taxes, about 0.59% of their home's value, lower than the New Mexico rate of 0.70%. 94% of occupied homes here are lived in by their owners, and 55% of those owners still have a mortgage.
Fairacres at a glance
| Fairacres | New Mexico | U.S. | |
|---|---|---|---|
| Median home value | $279,200 | $248,100 | $332,700 |
| Median property tax paid per year | $1,659 | $1,731 | $3,119 |
| Property tax as a share of value | 0.59% | 0.70% | 0.94% |
| Median household income | – | $64,059 | $80,734 |
| Homes lived in by their owners | 94% | 70% | 65% |
| Owner homes with a mortgage | 55% | 52% | 61% |
| Median monthly costs, owners with a mortgage | – | $1,564 | $1,963 |
| Those costs as a share of the owners' income | 14.7% | 20.6% | 21.0% |
| Median rent | – | $1,067 | $1,413 |
| Median year homes were built | 1998 | 1985 | 1980 |
| Vacant homes | 0.0% | 12.5% | 10.1% |
| Population | 616 | 2,120,246 | 334,922,499 |
What a typical home costs per month in Fairacres
At this week's average 30-year rate of 7.11%, buying the median Fairacres home of $279,200 with 20% down costs about $1,756 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $2,221, 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 $75,264 for the 20%-down payment.
| Down payment | $55,840 |
|---|---|
| Loan amount | $223,360 |
| Principal and interest | $1,503 |
| Property taxes (0.59% a year) | $137 |
| Homeowners insurance (our estimate, 0.5% a year) | $116 |
| PMI | $0 |
| Total per month | $1,756 |
Change the numbers in the calculator
| Down payment | $9,772 |
|---|---|
| Loan amount | $274,143 |
| Principal and interest | $1,844 |
| Property taxes (0.59% a year) | $137 |
| Homeowners insurance (our estimate, 0.5% a year) | $116 |
| FHA mortgage insurance | $123 |
| Total per month | $2,221 |
Change the numbers in the calculator
Questions about home buying in Fairacres
What is the median home value in Fairacres?
About $279,200 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Fairacres?
Homeowners pay a median $1,659 a year, which is about 0.59% 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 Fairacres?
For the median home with 20% down at 7.11%, the payment is about $1,756 a month. Keeping that under 28% of gross income takes about $75,264 a year.
More about Fairacres
- Mortgage Refinance in Fairacres
- Debt Relief in Fairacres
- Home Equity Loans in Fairacres
- 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