Otero County, New Mexico Housing Market Prices
Otero County 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 New Mexico median$167,814
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Median rent 10% below the New Mexico median$961
Median Home Price Map: Nearby Counties
Housing Market Overview
| Metric | Otero County | New Mexico Avg | US Average |
|---|---|---|---|
| Median Home Price | $167,814 | $204,122 | $248,835 |
| Price Trend (Annual %) | 7.8% | 3.1% | 7.5% |
| Median Gross Rent | $961 | $1,067 | $1,407 |
| Rent Trend (Annual %) | 1.9% | 3.8% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Otero County is about 18% lower than in New Mexico. Rent is about 10% 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 Otero County, up about 7.8% and 1.9% a year respectively. Home prices are changing faster.
Median rent in Otero County rose about 21.6% between 2015 and 2024, from $790 to $961. Over the same span, rent in New Mexico rose about 37.3%.
Affordability
On average, housing unit costs 3.0 yearly household incomes in Otero County.
Buying the median-priced home in Otero County costs roughly 14.5 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 Otero County. The price-to-rent ratio in New Mexico is about 15.9.
| Metric | Otero County | New Mexico Avg | US Average |
|---|---|---|---|
| Median Home Price | $167,814 | $204,122 | $248,835 |
| Median Household Income | $56,166 | $64,523 | $80,455 |
| Price-to-Income Ratio | 3.0 | 3.2 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2024, the median home price in Otero County rose about 83.3%, while median household income rose about 35.5% 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 | Otero County | New Mexico Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 50.2% | 61.3% | 58.5% |
| Rental Rate | 24.8% | 26.2% | 31.2% |
| Vacancy Rate | 25.0% | 12.5% | 10.2% |
| Median Tenure (years) | 14.0 | 16.0 | 15.0 |
| Median Year Moved In | 2012 | 2010 | 2011 |
Otero County has a homeownership rate of 50.2%, lower than the New Mexico average of 61.3%. Its housing vacancy rate is 25.0%, compared with 12.5% in New Mexico.
Housing Stock
| Metric | Otero County | New Mexico Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.67 people | 2.49 people | 2.53 people |
| Median Structure Built Year | 1984 | 1983 | 1978 |
| Median Number of Rooms | 5.4 | 5.3 | 5.5 |
The typical housing unit in Otero County was built around 1984. On average, 2.7 people live in a home with about 5.4 rooms, staying for about 14.0 years on average.
Otero County, NM Housing Compared With Nearby Counties
Otero County, NM is the 3rd largest of the 5 counties compared here, 68,816 residents against a local median of 142,683. Otero County, NM's median home price, at $167,814, runs 25% below the $223,916 typical of the counties around it.
The counties themselves spread $95,561 on median home price, so Otero County, NM sits at one end of an already wide local range rather than apart from it. Otero County, NM has the 5th highest median home price of the 5 areas compared here.
| Area | Population | Median home price | Median rent | Homeownership |
|---|---|---|---|---|
| Otero County, NM | 68,816 | $167,814 #5/5 | $961 #3/5 | 67.0% #3/5 |
| El Paso County, TX | 870,506 | $216,908 | $1,079 | 64.2% |
| Doña Ana County, NM | 224,261 | $171,025 | $934 | 65.5% |
| Lincoln County, NM | 20,223 | $230,925 | $956 | 76.8% |
| Eddy County, NM | 61,104 | $266,585 | $1,244 | 73.3% |
Frequently Asked Questions
Common questions about the housing market in Otero County, New Mexico.
What is the median home price in Otero County, New Mexico?
The median home price in Otero County, New Mexico is $167,814, lower than the New Mexico average of $204,122.
What is the average home price in Otero County, New Mexico?
The typical home price in Otero County, New Mexico, reported as the median sale price, is $167,814. 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 Otero County, New Mexico?
The median gross rent in Otero County, New Mexico is $961 per month, lower than the New Mexico average of $1,067.
What was the median gross rent in Otero County in 2020?
In 2020, the median gross rent in Otero County, New Mexico was $810 per month.
What is the price-to-rent ratio in Otero County, New Mexico?
The price-to-rent ratio in Otero County, New Mexico is about 14.5, meaning it would take roughly 14.5 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 Otero County.
Are home prices or rent rising faster in Otero County, New Mexico?
Both home prices and rent are rising in Otero County, up about 7.8% and 1.9% a year respectively. Home prices are changing faster.
What is the homeownership rate in Otero County, New Mexico?
50.2% of households in Otero County, New Mexico own their home, lower than the New Mexico average of 61.3%.
What is the vacancy rate in Otero County, New Mexico?
The housing vacancy rate in Otero County, New Mexico is 25.0%, higher than the New Mexico average of 12.5%.
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