Las Cruces, New Mexico Housing Market Prices
Las Cruces 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 62% above the New Mexico median$330,005
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Median rent 9% below the New Mexico median$969
Housing Market Overview
| Metric | Las Cruces | New Mexico Avg | US Average |
|---|---|---|---|
| Median Home Price | $330,005 | $204,122 | $248,835 |
| Price Trend (Annual %) | 16.0% | 3.1% | 7.5% |
| Median Gross Rent | $969 | $1,067 | $1,407 |
| Rent Trend (Annual %) | 4.2% | 3.8% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Las Cruces is about 62% higher than in New Mexico. Rent is about 9% lower than the New Mexico 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 Las Cruces, up about 16.0% and 4.2% a year respectively. Home prices are changing faster.
Median rent in Las Cruces rose about 41.0% between 2015 and 2024, from $688 to $969. Over the same span, rent in New Mexico rose about 37.3%.
Affordability
On average, housing unit costs 6.3 yearly household incomes in Las Cruces.
Buying the median-priced home in Las Cruces costs roughly 28.4 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 Las Cruces. The price-to-rent ratio in New Mexico is about 15.9.
| Metric | Las Cruces | New Mexico Avg | US Average |
|---|---|---|---|
| Median Home Price | $330,005 | $204,122 | $248,835 |
| Median Household Income | $51,998 | $64,523 | $80,455 |
| Price-to-Income Ratio | 6.3 | 3.2 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2024, the median home price in Las Cruces rose about 143.9%, while median household income rose about 57.9% between 2009 and 2025 — 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 | Las Cruces | New Mexico Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 48.8% | 61.3% | 58.5% |
| Rental Rate | 45.0% | 26.2% | 31.2% |
| Vacancy Rate | 6.2% | 12.5% | 10.2% |
| Median Tenure (years) | 11.0 | 16.0 | 15.0 |
| Median Year Moved In | 2015 | 2010 | 2011 |
Las Cruces has a homeownership rate of 48.8%, lower than the New Mexico average of 61.3%. Its housing vacancy rate is 6.2%, compared with 12.5% in New Mexico.
Housing Stock
| Metric | Las Cruces | New Mexico Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.34 people | 2.49 people | 2.53 people |
| Median Structure Built Year | 1988 | 1983 | 1978 |
| Median Number of Rooms | 5.0 | 5.3 | 5.5 |
The typical housing unit in Las Cruces was built around 1988. On average, 2.3 people live in a home with about 5.0 rooms, staying for about 11.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Las Cruces, New Mexico.
What is the median home price in Las Cruces, New Mexico?
The median home price in Las Cruces, New Mexico is $330,005, higher than the New Mexico average of $204,122.
What is the average home price in Las Cruces, New Mexico?
The typical home price in Las Cruces, New Mexico, reported as the median sale price, is $330,005. 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 Las Cruces, New Mexico?
The median gross rent in Las Cruces, New Mexico is $969 per month, lower than the New Mexico average of $1,067.
What was the median gross rent in Las Cruces in 2020?
In 2020, the median gross rent in Las Cruces, New Mexico was $795 per month.
What is the price-to-rent ratio in Las Cruces, New Mexico?
The price-to-rent ratio in Las Cruces, New Mexico is about 28.4, meaning it would take roughly 28.4 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 Las Cruces.
Are home prices or rent rising faster in Las Cruces, New Mexico?
Both home prices and rent are rising in Las Cruces, up about 16.0% and 4.2% a year respectively. Home prices are changing faster.
What is the homeownership rate in Las Cruces, New Mexico?
48.8% of households in Las Cruces, New Mexico own their home, lower than the New Mexico average of 61.3%.
What is the vacancy rate in Las Cruces, New Mexico?
The housing vacancy rate in Las Cruces, New Mexico is 6.2%, lower than the New Mexico average of 12.5%.
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