The typical owner-occupied home in Thoreau is worth about $95,200, 62% below the New Mexico median of $248,100 and 71% below the national median of $332,700. The median household earns $45,469 a year, so the median home costs 2.1 times the median income (3.9 times for New Mexico). 80% of occupied homes here are lived in by their owners, and 11% of those owners still have a mortgage.
Thoreau at a glance
| Thoreau | New Mexico | U.S. | |
|---|---|---|---|
| Median home value | $95,200 | $248,100 | $332,700 |
| Median property tax paid per year | – | $1,731 | $3,119 |
| Median household income | $45,469 | $64,059 | $80,734 |
| Homes lived in by their owners | 80% | 70% | 65% |
| Owner homes with a mortgage | 11% | 52% | 61% |
| Median monthly costs, owners with a mortgage | $1,538 | $1,564 | $1,963 |
| Those costs as a share of the owners' income | 13.5% | 20.6% | 21.0% |
| Median rent | $483 | $1,067 | $1,413 |
| Rent as a share of renters' income | 42.8% | 30.1% | 30.6% |
| Median year homes were built | 1989 | 1985 | 1980 |
| Vacant homes | 19.8% | 12.5% | 10.1% |
| Population | 1,973 | 2,120,246 | 334,922,499 |
What a typical home costs per month in Thoreau
At this week's average 30-year rate of 7.11%, buying the median Thoreau home of $95,200 with 20% down costs about $639 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $798, 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 $27,397 for the 20%-down payment. That payment is 17% of the median Thoreau household income of $45,469; at that income and 20% down, the 28% guideline points to a home of about $158,000.
The median rent here is $483 a month, so owning the median home costs about $156 a month more than renting, before you count the equity you build and any tax benefits.
| Down payment | $19,040 |
|---|---|
| Loan amount | $76,160 |
| Principal and interest | $512 |
| Property taxes (1.10% a year) | $87 |
| Homeowners insurance (our estimate, 0.5% a year) | $40 |
| PMI | $0 |
| Total per month | $639 |
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| Down payment | $3,332 |
|---|---|
| Loan amount | $93,476 |
| Principal and interest | $629 |
| Property taxes (1.10% a year) | $87 |
| Homeowners insurance (our estimate, 0.5% a year) | $40 |
| FHA mortgage insurance | $42 |
| Total per month | $798 |
Change the numbers in the calculator
Questions about home buying in Thoreau
What is the median home value in Thoreau?
About $95,200 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
What income do you need to buy a home in Thoreau?
For the median home with 20% down at 7.11%, the payment is about $639 a month. Keeping that under 28% of gross income takes about $27,397 a year.
More about Thoreau
- Mortgage Refinance in Thoreau
- Debt Relief in Thoreau
- Home Equity Loans in Thoreau
- 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