The typical owner-occupied home in Shiprock is worth about $104,400, 58% below the New Mexico median of $248,100 and 69% below the national median of $332,700. The median household earns $35,900 a year, so the median home costs 2.9 times the median income (3.9 times for New Mexico). 49% of occupied homes here are lived in by their owners, and 19% of those owners still have a mortgage.
Shiprock at a glance
| Shiprock | New Mexico | U.S. | |
|---|---|---|---|
| Median home value | $104,400 | $248,100 | $332,700 |
| Median property tax paid per year | – | $1,731 | $3,119 |
| Median household income | $35,900 | $64,059 | $80,734 |
| Homes lived in by their owners | 49% | 70% | 65% |
| Owner homes with a mortgage | 19% | 52% | 61% |
| Median monthly costs, owners with a mortgage | $1,068 | $1,564 | $1,963 |
| Those costs as a share of the owners' income | 25.4% | 20.6% | 21.0% |
| Median rent | $694 | $1,067 | $1,413 |
| Rent as a share of renters' income | 24.6% | 30.1% | 30.6% |
| Median year homes were built | 1988 | 1985 | 1980 |
| Vacant homes | 15.7% | 12.5% | 10.1% |
| Population | 7,610 | 2,120,246 | 334,922,499 |
What a typical home costs per month in Shiprock
At this week's average 30-year rate of 7.11%, buying the median Shiprock home of $104,400 with 20% down costs about $701 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $875, 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 $30,045 for the 20%-down payment. That payment is 23% of the median Shiprock household income of $35,900; at that income and 20% down, the 28% guideline points to a home of about $125,000.
The median rent here is $694 a month, so owning the median home costs about $7 a month more than renting, before you count the equity you build and any tax benefits.
| Down payment | $20,880 |
|---|---|
| Loan amount | $83,520 |
| Principal and interest | $562 |
| Property taxes (1.10% a year) | $96 |
| Homeowners insurance (our estimate, 0.5% a year) | $44 |
| PMI | $0 |
| Total per month | $701 |
Change the numbers in the calculator
| Down payment | $3,654 |
|---|---|
| Loan amount | $102,509 |
| Principal and interest | $690 |
| Property taxes (1.10% a year) | $96 |
| Homeowners insurance (our estimate, 0.5% a year) | $44 |
| FHA mortgage insurance | $46 |
| Total per month | $875 |
Change the numbers in the calculator
Questions about home buying in Shiprock
What is the median home value in Shiprock?
About $104,400 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 Shiprock?
For the median home with 20% down at 7.11%, the payment is about $701 a month. Keeping that under 28% of gross income takes about $30,045 a year.
More about Shiprock
- Mortgage Refinance in Shiprock
- Debt Relief in Shiprock
- Home Equity Loans in Shiprock
- 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