New Mexico Housing Market Prices
New Mexico Home Prices and Rent at a Glance
The median home price (often called the average home price), rent costs, affordability metrics, and housing stock characteristics for this housing market.
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Median home price 18% below the US median$204,122
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Median rent 24% below the US median$1,067
Median Home Price Map: Counties in New Mexico
Housing Market Overview
| Metric | New Mexico | US Average |
|---|---|---|
| Median Home Price | $204,122 | $248,835 |
| Price Trend (Annual %) | 3.1% | 7.5% |
| Median Gross Rent | $1,067 | $1,407 |
| Rent Trend (Annual %) | 3.8% | 5.1% |
| Household Income Trend (Annual %) | — | — |
The median home price in New Mexico is about 18% lower than in US. Rent is about 24% lower than the US average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2024
Median Rent Prices, 2015-2024
Both home prices and rent are rising in New Mexico, up about 3.1% and 3.8% a year respectively. Rent is changing faster.
Median rent in New Mexico rose about 37.3% between 2015 and 2024, from $777 to $1,067. Over the same span, rent in US rose about 52.1%.
Affordability
On average, housing unit costs 3.2 yearly household incomes in New Mexico.
Buying the median-priced home in New Mexico costs roughly 15.9 years of rent at the median monthly rate. That is a moderate price-to-rent ratio, where buying and renting are often similarly cost-effective in New Mexico. The price-to-rent ratio in US is about 14.7.
| Metric | New Mexico | US Average |
|---|---|---|
| Median Home Price | $204,122 | $248,835 |
| Median Household Income | $64,523 | $80,455 |
| Price-to-Income Ratio | 3.2 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2024, the median home price in New Mexico rose about 26.9%, while median household income rose about 47.5% between 2009 and 2025 — income grew faster than the home price.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | New Mexico | US Average |
|---|---|---|
| Homeownership Rate | 61.3% | 58.5% |
| Rental Rate | 26.2% | 31.2% |
| Vacancy Rate | 12.5% | 10.2% |
| Median Tenure (years) | 16.0 | 15.0 |
| Median Year Moved In | 2010 | 2011 |
New Mexico has a homeownership rate of 61.3%, higher than the US average of 58.5%. Its housing vacancy rate is 12.5%, compared with 10.2% in US.
Housing Stock
| Metric | New Mexico | US Average |
|---|---|---|
| Average Household Size | 2.49 people | 2.53 people |
| Median Structure Built Year | 1983 | 1978 |
| Median Number of Rooms | 5.3 | 5.5 |
The typical housing unit in New Mexico was built around 1983. On average, 2.5 people live in a home with about 5.3 rooms, staying for about 16.0 years on average.
New Mexico Housing Compared With Nearby States
New Mexico is the smallest of the 6 states compared here, 2,118,085 residents against a local median of 5,842,429. The measure that sets New Mexico apart most is median home price: $204,122, 45% below the local median of $367,851.
Median rent tells the same story from another angle: $1,067 against a local median of $1,495, 29% below it. The states themselves spread $365,090 on median home price, so New Mexico sits at one end of an already wide local range rather than apart from it. New Mexico has the 5th highest median home price of the 6 areas compared here.
| Area | Population | Median home price | Median rent | Homeownership |
|---|---|---|---|---|
| New Mexico | 2,118,085 | $204,122 #5/6 | $1,067 #5/6 | 70.0% #2/6 |
| Colorado | 5,842,429 | $484,034 | $1,761 | 66.2% |
| Arizona | 7,356,359 | $367,851 | $1,543 | 67.4% |
| Texas | 30,160,889 | $258,873 | $1,402 | 62.6% |
| Utah | 3,390,702 | $498,552 | $1,495 | 70.3% |
| Oklahoma | 4,028,385 | $133,462 | $1,014 | 65.8% |
Frequently Asked Questions
Common questions about the housing market in New Mexico.
What is the median home price in New Mexico?
The median home price in New Mexico is $204,122, lower than the US average of $248,835.
What is the average home price in New Mexico?
The typical home price in New Mexico, reported as the median sale price, is $204,122. 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 New Mexico?
The median gross rent in New Mexico is $1,067 per month, lower than the US average of $1,407.
What was the median gross rent in New Mexico in 2020?
In 2020, the median gross rent in New Mexico was $857 per month.
What is the price-to-rent ratio in New Mexico?
The price-to-rent ratio in New Mexico is about 15.9, meaning it would take roughly 15.9 years of rent payments at the median rent to equal the median home price. That is a moderate price-to-rent ratio, where buying and renting are often similarly cost-effective in New Mexico.
Are home prices or rent rising faster in New Mexico?
Both home prices and rent are rising in New Mexico, up about 3.1% and 3.8% a year respectively. Rent is changing faster.
What is the homeownership rate in New Mexico?
61.3% of households in New Mexico own their home, higher than the US average of 58.5%.
What is the vacancy rate in New Mexico?
The housing vacancy rate in New Mexico is 12.5%, higher than the US average of 10.2%.
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