The typical owner-occupied home in Corrales is worth about $571,500, 2.3 times the New Mexico median of $248,100 and 72% above the national median of $332,700. Owners pay a median $3,554 a year in property taxes, about 0.62% of their home's value, lower than the New Mexico rate of 0.70%. The median household earns $102,307 a year, so the median home costs 5.6 times the median income (3.9 times for New Mexico). 91% of occupied homes here are lived in by their owners, and 52% of those owners still have a mortgage.
Corrales at a glance
| Corrales | New Mexico | U.S. | |
|---|---|---|---|
| Median home value | $571,500 | $248,100 | $332,700 |
| Median property tax paid per year | $3,554 | $1,731 | $3,119 |
| Property tax as a share of value | 0.62% | 0.70% | 0.94% |
| Median household income | $102,307 | $64,059 | $80,734 |
| Homes lived in by their owners | 91% | 70% | 65% |
| Owner homes with a mortgage | 52% | 52% | 61% |
| Median monthly costs, owners with a mortgage | $2,638 | $1,564 | $1,963 |
| Those costs as a share of the owners' income | 22.2% | 20.6% | 21.0% |
| Median rent | $1,143 | $1,067 | $1,413 |
| Rent as a share of renters' income | 22.4% | 30.1% | 30.6% |
| Median year homes were built | 1986 | 1985 | 1980 |
| Vacant homes | 9.9% | 12.5% | 10.1% |
| Population | 8,555 | 2,120,246 | 334,922,499 |
What a typical home costs per month in Corrales
At this week's average 30-year rate of 7.11%, buying the median Corrales home of $571,500 with 20% down costs about $3,609 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $4,561, 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 $154,672 for the 20%-down payment. That payment is 42% of the median Corrales household income of $102,307; at that income and 20% down, the 28% guideline points to a home of about $378,000.
The median rent here is $1,143 a month, so owning the median home costs about $2,466 a month more than renting, before you count the equity you build and any tax benefits.
| Down payment | $114,300 |
|---|---|
| Loan amount | $457,200 |
| Principal and interest | $3,076 |
| Property taxes (0.62% a year) | $295 |
| Homeowners insurance (our estimate, 0.5% a year) | $238 |
| PMI | $0 |
| Total per month | $3,609 |
Change the numbers in the calculator
| Down payment | $20,002 |
|---|---|
| Loan amount | $561,149 |
| Principal and interest | $3,775 |
| Property taxes (0.62% a year) | $295 |
| Homeowners insurance (our estimate, 0.5% a year) | $238 |
| FHA mortgage insurance | $253 |
| Total per month | $4,561 |
Change the numbers in the calculator
Questions about home buying in Corrales
What is the median home value in Corrales?
About $571,500 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Corrales?
Homeowners pay a median $3,554 a year, which is about 0.62% 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 Corrales?
For the median home with 20% down at 7.11%, the payment is about $3,609 a month. Keeping that under 28% of gross income takes about $154,672 a year.
More about Corrales
- Mortgage Refinance in Corrales
- Debt Relief in Corrales
- Home Equity Loans in Corrales
- 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