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 | Hidalgo County | New Mexico Avg | US Average |
|---|---|---|---|
| Median Home Price | $77,498 | $197,886 | $242,182 |
| Price Trend (Annual %) | 36.4% | 3.1% | 8.2% |
| Median Gross Rent | $803 | $1,020 | $1,342 |
| Rent Trend (Annual %) | 6.7% | 3.7% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Hidalgo County is about 61% lower than in New Mexico. Rent is about 21% lower 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 Hidalgo County, up about 36.4% and 6.7% a year respectively. Home prices are changing faster.
Median rent in Hidalgo County rose about 73.4% between 2015 and 2023, from $463 to $803. Over the same span, rent in New Mexico rose about 31.4%.
Affordability
On average, housing unit costs 1.6 yearly household incomes in Hidalgo County.
Buying the median-priced home in Hidalgo County costs roughly 8.0 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 Hidalgo County. The price-to-rent ratio in New Mexico is about 16.2.
| Metric | Hidalgo County | New Mexico Avg | US Average |
|---|---|---|---|
| Median Home Price | $77,498 | $197,886 | $242,182 |
| Median Household Income | $49,148 | $62,378 | $78,145 |
| Price-to-Income Ratio | 1.6 | 3.2 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Hidalgo County rose about 175.5%, while median household income rose about 25.4% 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 | Hidalgo County | New Mexico Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 51.0% | 60.2% | 58.2% |
| Rental Rate | 16.7% | 26.6% | 31.3% |
| Vacancy Rate | 32.4% | 13.1% | 10.6% |
| Median Tenure (years) | 15.0 | 16.0 | 15.0 |
| Median Year Moved In | 2011 | 2010 | 2011 |
Hidalgo County has a homeownership rate of 51.0%, lower than the New Mexico average of 60.2%. Its housing vacancy rate is 32.4%, compared with 13.1% in New Mexico.
Housing Stock
| Metric | Hidalgo County | New Mexico Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.68 people | 2.52 people | 2.54 people |
| Median Structure Built Year | 1978 | 1983 | 1978 |
| Median Number of Rooms | 5.8 | 5.3 | 5.5 |
The typical housing unit in Hidalgo County was built around 1978. On average, 2.7 people live in a home with about 5.8 rooms, staying for about 15.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Hidalgo County, New Mexico.
What is the median home price in Hidalgo County, New Mexico?
The median home price in Hidalgo County, New Mexico is $77,498, lower than the New Mexico average of $197,886.
What is the average home price in Hidalgo 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 Hidalgo County, New Mexico?
The median gross rent in Hidalgo County, New Mexico is $803 per month, lower than the New Mexico average of $1,020.
What was the median gross rent in Hidalgo County in 2020?
In 2020, the median gross rent in Hidalgo County, New Mexico was $543 per month.
What is the price-to-rent ratio in Hidalgo County, New Mexico?
The price-to-rent ratio in Hidalgo County, New Mexico is about 8.0, meaning it would take roughly 8.0 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 Hidalgo County.
Are home prices or rent rising faster in Hidalgo County, New Mexico?
Both home prices and rent are rising in Hidalgo County, up about 36.4% and 6.7% a year respectively. Home prices are changing faster.
What is the homeownership rate in Hidalgo County, New Mexico?
51.0% of households in Hidalgo County, New Mexico own their home, lower than the New Mexico average of 60.2%.
What is the vacancy rate in Hidalgo County, New Mexico?
The housing vacancy rate in Hidalgo County, New Mexico is 32.4%, higher than the New Mexico average of 13.1%.