Housing Market Overview
The median home price (often called the average home price), rent costs, affordability metrics, and housing stock characteristics for this housing market.
Median Home Price Map: Nearby Counties
Housing Market Overview
| Metric | Bernalillo County | New Mexico Avg | US Average |
|---|---|---|---|
| Median Home Price | $262,611 | $197,886 | $242,182 |
| Price Trend (Annual %) | 6.5% | 3.1% | 8.2% |
| Median Gross Rent | $1,087 | $1,020 | $1,342 |
| Rent Trend (Annual %) | 4.2% | 3.7% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Bernalillo County is about 33% higher than in New Mexico. Rent is about 7% higher than the New Mexico average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2023
Median Rent Prices, 2015-2023
Both home prices and rent are rising in Bernalillo County, up about 6.5% and 4.2% a year respectively. Home prices are changing faster.
Median rent in Bernalillo County rose about 36.4% between 2015 and 2023, from $797 to $1,087. Over the same span, rent in New Mexico rose about 31.4%.
Affordability
On average, housing unit costs 3.9 yearly household incomes in Bernalillo County.
Buying the median-priced home in Bernalillo County costs roughly 20.1 years of rent at the median monthly rate. That is a relatively high price-to-rent ratio, which tends to favor renting over buying in Bernalillo County. The price-to-rent ratio in New Mexico is about 16.2.
| Metric | Bernalillo County | New Mexico Avg | US Average |
|---|---|---|---|
| Median Home Price | $262,611 | $197,886 | $242,182 |
| Median Household Income | $66,617 | $62,378 | $78,145 |
| Price-to-Income Ratio | 3.9 | 3.2 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Bernalillo County rose about 52.2%, while median household income rose about 44.2% between 2009 and 2023 — the home price grew faster than income.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Bernalillo County | New Mexico Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 60.5% | 60.2% | 58.2% |
| Rental Rate | 33.6% | 26.6% | 31.3% |
| Vacancy Rate | 5.9% | 13.1% | 10.6% |
| Median Tenure (years) | 15.0 | 16.0 | 15.0 |
| Median Year Moved In | 2011 | 2010 | 2011 |
Bernalillo County has a homeownership rate of 60.5%, about the same as the New Mexico average of 60.2%. Its housing vacancy rate is 5.9%, compared with 13.1% in New Mexico.
Housing Stock
| Metric | Bernalillo County | New Mexico Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.36 people | 2.52 people | 2.54 people |
| Median Structure Built Year | 1981 | 1983 | 1978 |
| Median Number of Rooms | 5.4 | 5.3 | 5.5 |
The typical housing unit in Bernalillo County was built around 1981. On average, 2.4 people live in a home with about 5.4 rooms, staying for about 15.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Bernalillo County, New Mexico.
What is the median home price in Bernalillo County, New Mexico?
The median home price in Bernalillo County, New Mexico is $262,611, higher than the New Mexico average of $197,886.
What is the average home price in Bernalillo County, New Mexico?
The typical home price in %s, reported as the median sale price, is %s. The median is used instead of a mathematical average because it is not skewed by a small number of very expensive or very cheap homes, so it better reflects what a typical buyer pays.
What is the median rent in Bernalillo County, New Mexico?
The median gross rent in Bernalillo County, New Mexico is $1,087 per month, higher than the New Mexico average of $1,020.
What was the median gross rent in Bernalillo County in 2020?
In 2020, the median gross rent in Bernalillo County, New Mexico was $891 per month.
What is the price-to-rent ratio in Bernalillo County, New Mexico?
The price-to-rent ratio in Bernalillo County, New Mexico is about 20.1, meaning it would take roughly 20.1 years of rent payments at the median rent to equal the median home price. That is a relatively high price-to-rent ratio, which tends to favor renting over buying in Bernalillo County.
Are home prices or rent rising faster in Bernalillo County, New Mexico?
Both home prices and rent are rising in Bernalillo County, up about 6.5% and 4.2% a year respectively. Home prices are changing faster.
What is the homeownership rate in Bernalillo County, New Mexico?
60.5% of households in Bernalillo County, New Mexico own their home, about the same as the New Mexico average.
What is the vacancy rate in Bernalillo County, New Mexico?
The housing vacancy rate in Bernalillo County, New Mexico is 5.9%, lower than the New Mexico average of 13.1%.