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 | Union County | New Mexico Avg | US Average |
|---|---|---|---|
| Median Home Price | $5,000 | $197,886 | $242,182 |
| Price Trend (Annual %) | 25.6% | 3.1% | 8.2% |
| Median Gross Rent | $650 | $1,020 | $1,342 |
| Rent Trend (Annual %) | 1.2% | 3.7% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Union County is about 97% lower than in New Mexico. Rent is about 36% lower than the New Mexico average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2022
Median Rent Prices, 2015-2023
Both home prices and rent are rising in Union County, up about 25.6% and 1.2% a year respectively. Home prices are changing faster.
Median rent in Union County rose about 0.7% between 2015 and 2023, from $645 to $650. Over the same span, rent in New Mexico rose about 31.4%.
Affordability
On average, housing unit costs 0.1 yearly household incomes in Union County.
Buying the median-priced home in Union County costs roughly 0.6 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 Union County. The price-to-rent ratio in New Mexico is about 16.2.
| Metric | Union County | New Mexico Avg | US Average |
|---|---|---|---|
| Median Home Price | $5,000 | $197,886 | $242,182 |
| Median Household Income | $45,600 | $62,378 | $78,145 |
| Price-to-Income Ratio | 0.1 | 3.2 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2022, the median home price in Union County fell about 94.0%, while median household income rose about 23.3% 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 | Union County | New Mexico Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 49.0% | 60.2% | 58.2% |
| Rental Rate | 22.9% | 26.6% | 31.3% |
| Vacancy Rate | 28.1% | 13.1% | 10.6% |
| Median Tenure (years) | 17.0 | 16.0 | 15.0 |
| Median Year Moved In | 2009 | 2010 | 2011 |
Union County has a homeownership rate of 49.0%, lower than the New Mexico average of 60.2%. Its housing vacancy rate is 28.1%, compared with 13.1% in New Mexico.
Housing Stock
| Metric | Union County | New Mexico Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.40 people | 2.52 people | 2.54 people |
| Median Structure Built Year | 1964 | 1983 | 1978 |
| Median Number of Rooms | 5.3 | 5.3 | 5.5 |
The typical housing unit in Union County was built around 1964. On average, 2.4 people live in a home with about 5.3 rooms, staying for about 17.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Union County, New Mexico.
What is the median home price in Union County, New Mexico?
The median home price in Union County, New Mexico is $5,000, lower than the New Mexico average of $197,886.
What is the average home price in Union 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 Union County, New Mexico?
The median gross rent in Union County, New Mexico is $650 per month, lower than the New Mexico average of $1,020.
What was the median gross rent in Union County in 2020?
In 2020, the median gross rent in Union County, New Mexico was $495 per month.
What is the price-to-rent ratio in Union County, New Mexico?
The price-to-rent ratio in Union County, New Mexico is about 0.6, meaning it would take roughly 0.6 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 Union County.
Are home prices or rent rising faster in Union County, New Mexico?
Both home prices and rent are rising in Union County, up about 25.6% and 1.2% a year respectively. Home prices are changing faster.
What is the homeownership rate in Union County, New Mexico?
49.0% of households in Union County, New Mexico own their home, lower than the New Mexico average of 60.2%.
What is the vacancy rate in Union County, New Mexico?
The housing vacancy rate in Union County, New Mexico is 28.1%, higher than the New Mexico average of 13.1%.