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 | Harding County | New Mexico Avg | US Average |
|---|---|---|---|
| Median Home Price | $55,833 | $197,886 | $242,182 |
| Price Trend (Annual %) | 17.2% | 3.1% | 8.2% |
| Median Gross Rent | $700 | $1,020 | $1,342 |
| Rent Trend (Annual %) | 7.3% | 3.7% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Harding County is about 72% lower than in New Mexico. Rent is about 31% lower than the New Mexico average.
Median Home and Rent Price Trends
Median Home Prices, 2020-2023
Median Rent Prices, 2015-2023
Both home prices and rent are rising in Harding County, up about 17.2% and 7.3% a year respectively. Home prices are changing faster.
Median rent in Harding County rose about 5.7% between 2015 and 2023, from $662 to $700. Over the same span, rent in New Mexico rose about 31.4%.
Affordability
On average, housing unit costs 1.3 yearly household incomes in Harding County.
Buying the median-priced home in Harding County costs roughly 6.6 years of rent at the median monthly rate. That is a relatively low price-to-rent ratio, which tends to favor buying over renting in Harding County. The price-to-rent ratio in New Mexico is about 16.2.
| Metric | Harding County | New Mexico Avg | US Average |
|---|---|---|---|
| Median Home Price | $55,833 | $197,886 | $242,182 |
| Median Household Income | $42,500 | $62,378 | $78,145 |
| Price-to-Income Ratio | 1.3 | 3.2 | 3.1 |
Home Prices vs Income Over Time
Between 2020 and 2023, the median home price in Harding County rose about 55.1%, while median household income rose about 36.8% 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 | Harding County | New Mexico Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 45.2% | 60.2% | 58.2% |
| Rental Rate | 12.5% | 26.6% | 31.3% |
| Vacancy Rate | 42.3% | 13.1% | 10.6% |
| Median Tenure (years) | 19.0 | 16.0 | 15.0 |
| Median Year Moved In | 2007 | 2010 | 2011 |
Harding County has a homeownership rate of 45.2%, lower than the New Mexico average of 60.2%. Its housing vacancy rate is 42.3%, compared with 13.1% in New Mexico.
Housing Stock
| Metric | Harding County | New Mexico Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.65 people | 2.52 people | 2.54 people |
| Median Structure Built Year | 1965 | 1983 | 1978 |
| Median Number of Rooms | 5.3 | 5.3 | 5.5 |
The typical housing unit in Harding County was built around 1965. On average, 2.6 people live in a home with about 5.3 rooms, staying for about 19.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Harding County, New Mexico.
What is the median home price in Harding County, New Mexico?
The median home price in Harding County, New Mexico is $55,833, lower than the New Mexico average of $197,886.
What is the average home price in Harding 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 Harding County, New Mexico?
The median gross rent in Harding County, New Mexico is $700 per month, lower than the New Mexico average of $1,020.
What was the median gross rent in Harding County in 2020?
In 2020, the median gross rent in Harding County, New Mexico was $716 per month.
What is the price-to-rent ratio in Harding County, New Mexico?
The price-to-rent ratio in Harding County, New Mexico is about 6.6, meaning it would take roughly 6.6 years of rent payments at the median rent to equal the median home price. That is a relatively low price-to-rent ratio, which tends to favor buying over renting in Harding County.
Are home prices or rent rising faster in Harding County, New Mexico?
Both home prices and rent are rising in Harding County, up about 17.2% and 7.3% a year respectively. Home prices are changing faster.
What is the homeownership rate in Harding County, New Mexico?
45.2% of households in Harding County, New Mexico own their home, lower than the New Mexico average of 60.2%.
What is the vacancy rate in Harding County, New Mexico?
The housing vacancy rate in Harding County, New Mexico is 42.3%, higher than the New Mexico average of 13.1%.