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 | Torrance County | New Mexico Avg | US Average |
|---|---|---|---|
| Median Home Price | $183,436 | $197,886 | $242,182 |
| Price Trend (Annual %) | 9.8% | 3.1% | 8.2% |
| Median Gross Rent | $845 | $1,020 | $1,342 |
| Rent Trend (Annual %) | 2.5% | 3.7% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Torrance County is about 7% lower than in New Mexico. Rent is about 17% 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 Torrance County, up about 9.8% and 2.5% a year respectively. Home prices are changing faster.
Median rent in Torrance County rose about 15.5% between 2015 and 2023, from $731 to $845. Over the same span, rent in New Mexico rose about 31.4%.
Affordability
On average, housing unit costs 4.0 yearly household incomes in Torrance County.
Buying the median-priced home in Torrance County costs roughly 18.1 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 Torrance County. The price-to-rent ratio in New Mexico is about 16.2.
| Metric | Torrance County | New Mexico Avg | US Average |
|---|---|---|---|
| Median Home Price | $183,436 | $197,886 | $242,182 |
| Median Household Income | $45,739 | $62,378 | $78,145 |
| Price-to-Income Ratio | 4.0 | 3.2 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Torrance County rose about 40.9%, while median household income rose about 30.2% 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 | Torrance County | New Mexico Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 65.1% | 60.2% | 58.2% |
| Rental Rate | 14.6% | 26.6% | 31.3% |
| Vacancy Rate | 20.2% | 13.1% | 10.6% |
| Median Tenure (years) | 19.0 | 16.0 | 15.0 |
| Median Year Moved In | 2007 | 2010 | 2011 |
Torrance County has a homeownership rate of 65.1%, higher than the New Mexico average of 60.2%. Its housing vacancy rate is 20.2%, compared with 13.1% in New Mexico.
Housing Stock
| Metric | Torrance County | New Mexico Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.64 people | 2.52 people | 2.54 people |
| Median Structure Built Year | 1987 | 1983 | 1978 |
| Median Number of Rooms | 5.5 | 5.3 | 5.5 |
The typical housing unit in Torrance County was built around 1987. On average, 2.6 people live in a home with about 5.5 rooms, staying for about 19.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Torrance County, New Mexico.
What is the median home price in Torrance County, New Mexico?
The median home price in Torrance County, New Mexico is $183,436, lower than the New Mexico average of $197,886.
What is the average home price in Torrance 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 Torrance County, New Mexico?
The median gross rent in Torrance County, New Mexico is $845 per month, lower than the New Mexico average of $1,020.
What was the median gross rent in Torrance County in 2020?
In 2020, the median gross rent in Torrance County, New Mexico was $682 per month.
What is the price-to-rent ratio in Torrance County, New Mexico?
The price-to-rent ratio in Torrance County, New Mexico is about 18.1, meaning it would take roughly 18.1 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 Torrance County.
Are home prices or rent rising faster in Torrance County, New Mexico?
Both home prices and rent are rising in Torrance County, up about 9.8% and 2.5% a year respectively. Home prices are changing faster.
What is the homeownership rate in Torrance County, New Mexico?
65.1% of households in Torrance County, New Mexico own their home, higher than the New Mexico average of 60.2%.
What is the vacancy rate in Torrance County, New Mexico?
The housing vacancy rate in Torrance County, New Mexico is 20.2%, higher than the New Mexico average of 13.1%.