The typical owner-occupied home in Chaparral is worth about $109,300, 56% below the New Mexico median of $248,100 and 67% below the national median of $332,700. Owners pay a median $588 a year in property taxes, about 0.54% of their home's value, lower than the New Mexico rate of 0.70%. The median household earns $46,017 a year, so the median home costs 2.4 times the median income (3.9 times for New Mexico). 69% of occupied homes here are lived in by their owners, and 35% of those owners still have a mortgage.
Chaparral at a glance
| Chaparral | New Mexico | U.S. | |
|---|---|---|---|
| Median home value | $109,300 | $248,100 | $332,700 |
| Median property tax paid per year | $588 | $1,731 | $3,119 |
| Property tax as a share of value | 0.54% | 0.70% | 0.94% |
| Median household income | $46,017 | $64,059 | $80,734 |
| Homes lived in by their owners | 69% | 70% | 65% |
| Owner homes with a mortgage | 35% | 52% | 61% |
| Median monthly costs, owners with a mortgage | $1,104 | $1,564 | $1,963 |
| Those costs as a share of the owners' income | 23.4% | 20.6% | 21.0% |
| Median rent | $853 | $1,067 | $1,413 |
| Rent as a share of renters' income | 28.0% | 30.1% | 30.6% |
| Median year homes were built | 1994 | 1985 | 1980 |
| Vacant homes | 14.8% | 12.5% | 10.1% |
| Population | 18,186 | 2,120,246 | 334,922,499 |
What a typical home costs per month in Chaparral
At this week's average 30-year rate of 7.11%, buying the median Chaparral home of $109,300 with 20% down costs about $683 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $865, 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 $29,269 for the 20%-down payment. That payment is 18% of the median Chaparral household income of $46,017; at that income and 20% down, the 28% guideline points to a home of about $172,000.
The median rent here is $853 a month, a little more than the monthly cost of owning the median home with 20% down.
| Down payment | $21,860 |
|---|---|
| Loan amount | $87,440 |
| Principal and interest | $588 |
| Property taxes (0.54% a year) | $49 |
| Homeowners insurance (our estimate, 0.5% a year) | $46 |
| PMI | $0 |
| Total per month | $683 |
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| Down payment | $3,826 |
|---|---|
| Loan amount | $107,320 |
| Principal and interest | $722 |
| Property taxes (0.54% a year) | $49 |
| Homeowners insurance (our estimate, 0.5% a year) | $46 |
| FHA mortgage insurance | $48 |
| Total per month | $865 |
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Questions about home buying in Chaparral
What is the median home value in Chaparral?
About $109,300 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Chaparral?
Homeowners pay a median $588 a year, which is about 0.54% 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 Chaparral?
For the median home with 20% down at 7.11%, the payment is about $683 a month. Keeping that under 28% of gross income takes about $29,269 a year.
More about Chaparral
- Mortgage Refinance in Chaparral
- Debt Relief in Chaparral
- Home Equity Loans in Chaparral
- 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