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 | Roosevelt County | New Mexico Avg | US Average |
|---|---|---|---|
| Median Home Price | $23,947 | $197,886 | $242,182 |
| Price Trend (Annual %) | -3.5% | 3.1% | 8.2% |
| Median Gross Rent | $862 | $1,020 | $1,342 |
| Rent Trend (Annual %) | 2.5% | 3.7% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Roosevelt County is about 88% lower than in New Mexico. Rent is about 15% lower than the New Mexico average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2023
Median Rent Prices, 2015-2023
Home prices and rent are moving in opposite directions in Roosevelt County: home prices fell about 3.5% a year while rent rose about 2.5% a year. That is an unusual pattern worth watching.
Median rent in Roosevelt County rose about 24.4% between 2015 and 2023, from $693 to $862. Over the same span, rent in New Mexico rose about 31.4%.
Affordability
On average, housing unit costs 0.4 yearly household incomes in Roosevelt County.
Buying the median-priced home in Roosevelt County costs roughly 2.3 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 Roosevelt County. The price-to-rent ratio in New Mexico is about 16.2.
| Metric | Roosevelt County | New Mexico Avg | US Average |
|---|---|---|---|
| Median Home Price | $23,947 | $197,886 | $242,182 |
| Median Household Income | $56,011 | $62,378 | $78,145 |
| Price-to-Income Ratio | 0.4 | 3.2 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Roosevelt County fell about 62.5%, while median household income rose about 72.5% between 2009 and 2023 — 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 | Roosevelt County | New Mexico Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 52.4% | 60.2% | 58.2% |
| Rental Rate | 32.2% | 26.6% | 31.3% |
| Vacancy Rate | 15.4% | 13.1% | 10.6% |
| Median Tenure (years) | 15.0 | 16.0 | 15.0 |
| Median Year Moved In | 2011 | 2010 | 2011 |
Roosevelt County has a homeownership rate of 52.4%, lower than the New Mexico average of 60.2%. Its housing vacancy rate is 15.4%, compared with 13.1% in New Mexico.
Housing Stock
| Metric | Roosevelt County | New Mexico Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.48 people | 2.52 people | 2.54 people |
| Median Structure Built Year | 1979 | 1983 | 1978 |
| Median Number of Rooms | 5.6 | 5.3 | 5.5 |
The typical housing unit in Roosevelt County was built around 1979. On average, 2.5 people live in a home with about 5.6 rooms, staying for about 15.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Roosevelt County, New Mexico.
What is the median home price in Roosevelt County, New Mexico?
The median home price in Roosevelt County, New Mexico is $23,947, lower than the New Mexico average of $197,886.
What is the average home price in Roosevelt 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 Roosevelt County, New Mexico?
The median gross rent in Roosevelt County, New Mexico is $862 per month, lower than the New Mexico average of $1,020.
What was the median gross rent in Roosevelt County in 2020?
In 2020, the median gross rent in Roosevelt County, New Mexico was $752 per month.
What is the price-to-rent ratio in Roosevelt County, New Mexico?
The price-to-rent ratio in Roosevelt County, New Mexico is about 2.3, meaning it would take roughly 2.3 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 Roosevelt County.
Are home prices or rent rising faster in Roosevelt County, New Mexico?
Home prices and rent are moving in opposite directions in Roosevelt County: home prices fell about 3.5% a year while rent rose about 2.5% a year. That is an unusual pattern worth watching.
What is the homeownership rate in Roosevelt County, New Mexico?
52.4% of households in Roosevelt County, New Mexico own their home, lower than the New Mexico average of 60.2%.
What is the vacancy rate in Roosevelt County, New Mexico?
The housing vacancy rate in Roosevelt County, New Mexico is 15.4%, higher than the New Mexico average of 13.1%.