Español

Este sitio también está en español. Leer en español

State

Data from November 2026

Housing , home prices, rents and assistance in New Mexico (2026)

A typical home in New Mexico is worth $248,100; the typical rent is $1,067 a month. Depending on the county, the FHA limit for a one-unit home is between $541,287 and $692,300. 7 HUD-approved counseling agencies serve New Mexico; 4 say they serve you in Spanish.

Most populous:

Typical home value by county

  • Under $125,400
  • $125,400–$159,700
  • $159,700–$184,000
  • $184,000–$233,200
  • $233,200 or more
  • 2 with no data

Tap the map to see each county’s figure and open its page.

Typical home value
$248,100
25% less than the U.S.
U.S.: $332,700
Typical rent per month
$1,067
24% less than the U.S.
U.S.: $1,413
Typical household income
$64,059
21% less than the U.S.
U.S.: $80,734
FHA limit, 1 unit
$541,287 to $692,300
It changes by county. The highest: Los Alamos County.
U.S.: $541,287 to $1,299,500
Property tax
0.7%
of value a year
The typical bill is $1,731 a year.
U.S.: 0.94%

Source: American Community Survey (ACS) 5-year estimates Average 2020–2024 American Community Survey (ACS) 5-year estimates Source: FHA mortgage limits (HUD) Data from 2026 data FHA mortgage limits (HUD)

In short

Living in New Mexico

A typical home in New Mexico is worth $248,100, 25% less than in the country overall. Across its 33 counties, the typical value runs from $78,700 in McKinley County to $495,800 in Los Alamos County. A typical household earns $64,059 a year and pays $1,067 a month in rent; 50% of renters put 30% or more of their income toward housing. 70% of households live in a home they own; they pay a typical property tax of $1,731 a year, about 0.7% of value.

The conforming loan limit for a one-unit home is $832,750 across New Mexico. To pay HUD’s fair rent for a 2-bedroom apartment in New Mexico ($1,282) without spending more than 30% of income, you need about $24.65 an hour working full time.

Source: Conforming loan limits (FHFA) Data from 2026 data Conforming loan limits (FHFA) Source: Fair Market Rents (HUD) Fiscal year 2027 Fair Market Rents (HUD)

The essentials in New Mexico

More on property tax

  • 3 percent cap on the yearly increase in your home's taxable value

    A home's taxable value cannot rise more than 3 percent a year over the prior year's value. The cap does not apply when the home is sold (the value resets to market) or to certain improvements or changes of use.

    New Mexico Legislative Finance Committee ("Property Taxes in New Mexico" brief) · Verified October 23, 2026

  • Head of Family exemption ($2,000)

    New Mexico takes $2,000 off the taxable value of a resident head of family's home. The amount has not changed since 1993. You apply to the county assessor.

    New Mexico Legislature (Legislative Finance Committee presentation, 2024) · Verified October 23, 2026

  • Veterans' exemption (raised from $4,000 to $10,000)

    The standard property tax exemption for all veterans who own property rose from $4,000 to $10,000 and is adjusted each year for inflation. To claim it, first get a certificate of eligibility from the New Mexico Department of Veterans' Services (NMDVS), then file it with your county assessor.

    New Mexico Taxation and Revenue Department (news release, August 13, 2026) · Verified October 31, 2026

  • Prorated exemption for disabled veterans (from 2026)

    From 2026, partially disabled veterans can receive a property tax exemption prorated to their service-connected disability rating. Before, only 100% disabled veterans had a full exemption. It applies to the primary residence, and you claim it with the NMDVS certificate at the county assessor.

    New Mexico Taxation and Revenue Department (news release, August 13, 2026) · Verified October 31, 2026

  • Value freeze for low-income owners 65 and older or with disabilities

    If you are 65 or older or disabled, own and live in the home as your primary residence, and your household's modified gross income for the prior year was $44,200 or less (the figure on the 2026 state form), your home's value for tax purposes cannot exceed its assessed value in the year you qualified and applied. Income counts all income of you, your spouse and dependents. After three consecutive years of approval, you need not reapply while you still qualify.

    State of New Mexico, 2026 tax year application for limitation on increase in value (posted by Sandoval County) · Verified October 31, 2026

The homes here

Housing in New Mexico

What homes there are in New Mexico, what they cost, how that changed and how people live, from Census figures (2020–2024).

What homes there are

U.S. Census Bureau, ACS 5-year, 2020–2024

Kind of home

In New Mexico, 6 in 10 homes are single-family detached houses; in the U.S., 6.

In New Mexico there are many mobile homes: 16% of homes; in the U.S., 6%.

Year built

Homes in New Mexico are newer: the typical year built is 1985; in the U.S., 1980.

In New Mexico, 64% of homes have 3 bedrooms or more, about the same as in the U.S..

All homes, occupied or empty. A figure the Census cannot measure precisely enough here is not shown.

Census tables: B25024, B25034, B25035, B25041

What it costs here

U.S. Census Bureau, ACS 5-year, 2020–2024

Value of owner-occupied homes

Looking at what owner-occupied homes in New Mexico are worth, the most common range is between $300K and $500K (26%).

Monthly rent with utilities

The most common rent in New Mexico is between $500 and $999 a month: that is where 36% of rented homes sit.

With a mortgage

$1,564 a month

United States: $1,963 a month

Without a mortgage

$451 a month

United States: $638 a month

Owners with a mortgage

52%

United States: 61%

Owning costs less in New Mexico: with a mortgage, the typical cost is $1,564 a month; in the U.S., $1,963. Without one, $451.

Value: what owners think their home is worth. Rent: rent plus utilities, for homes of every size. The FHA limit is the most an FHA loan (Federal Housing Administration) lends for a one-unit home; the fair market rent (FMR) is the one HUD uses for housing vouchers.

Census tables: B25075, B25063, B25088, B25081

How it changed

U.S. Census Bureau, ACS 5-year, 2015–2019 and 2020–2024

Change since 2015–2019

Homes in New Mexico gained value more slowly than in the U.S.: 45% since 2015–2019, against 53%.

Since 2015–2019, the typical rent in New Mexico rose 26%, less than in the U.S. (33%).

To compare: typical income in New Mexico rose 29%; the home, +45%; the rent, +26%.

Change between two 5-year periods that do not overlap, in each period's dollars, not adjusted for inflation.

Census tables: B25077, B25064, B19013

How people live

U.S. Census Bureau, ACS 5-year, 2020–2024

MeasureNew MexicoUnited States
Rental vacancy 5.9%5.5%
Homeowner vacancy 1.0%0.9%
More than one person per room 3.3%3.4%
People per household 2.482.53
Drive alone 74%69%
Carpool 10%9%
Public transit 1%3%
Walk or bike 2%3%
Work from home 12%15%
Other means 1%2%
Typical commute 10 to 19 minutes20 to 29 minutes

In New Mexico, the rental vacancy rate is 5.9%, about the same as in the U.S..

In New Mexico, 3.3% of households live with more than one person per room, about the same as in the U.S..

A household in New Mexico has 2.48 people on average, about the same as in the U.S. (2.53).

To get to work, 74% of workers in New Mexico drive alone; in the U.S., 69%.

Vacancy: empty homes offered for rent or for sale. Rooms: every room in the home, not only bedrooms. Commute: the minute range of the typical worker.

Census tables: B25004, B25003, B25014, B25010, B08301, B08303

Places

Explore the counties in New Mexico

Sort by any column or type a name. The 25 most populous are shown; the button reveals the rest.

See the counties page

Source: American Community Survey (ACS) 5-year estimates Average 2020–2024 American Community Survey (ACS) 5-year estimates Source: FHA mortgage limits (HUD) Data from 2026 data FHA mortgage limits (HUD) Source: Fair Market Rents (HUD) Fiscal year 2027 Fair Market Rents (HUD)

Calculator

Work out your payment in New Mexico

Start from the typical home value in New Mexico, $248,100, and this week’s average rate. Move the price and the down payment to see your monthly payment. If you already visited a county, the calculator uses its numbers.

More math for New Mexico

$
%

Estimated monthly payment

$2,008

FHA loan over 30 years, with estimated taxes and insurance.

See the full calculation

Prices and risks

Three official measures that help you decide: how much home prices have changed according to FHFA, how prices compare with the national average according to BEA, and how many homes sit in a flood zone according to FEMA.

Home prices

How have home prices changed?

According to the FHFA House Price Index, home prices in New Mexico rose 82% in the 10 years through 2025.

Price change each year

Period New Mexico United States
In 2025 +3.1% +2.9%
5 years (2020–2025) +50% +47%
10 years (2015–2025) +82% +85%

The index follows the prices of the same homes over time (sales and appraisals on loans bought or guaranteed by Fannie Mae and Freddie Mac). It is not the average price of a home. FHFA considers its annual state indexes experimental.

Source: FHFA House Price Index (HPI) Data from 2025 data FHFA House Price Index (HPI)

Cost of living

How expensive are prices here?

According to the Bureau of Economic Analysis (BEA), in 2024 prices in New Mexico were 8% lower than the U.S. average. Housing rents were 27% lower than nationwide.

Category New Mexico United States Versus the U.S.
All prices Consumer goods and services 92.2 100.0 8% less
Housing rents What renters pay 73.6 100.6 27% less
Water, power and gas Water, sewer, electricity and gas 77.9 98.4 21% less
Goods Food, clothing, transportation and more 96.1 99.6 3% less
Other services Services other than rent 98.5 100.1 2% less

BEA expresses each index as a percentage of the average U.S. price level: a higher number means higher prices, and a lower one, lower prices.

Source: Regional price parities (BEA) Data from 2024 data Regional price parities (BEA)

Flooding

Is there a flood risk?

According to FEMA, in New Mexico 5.7% of homes (46,300) are in a high-risk flood zone. Of those homes, 16% have NFIP flood insurance.

  • A high-risk zone (Special Flood Hazard Area) has a 1% or greater chance of flooding each year. 44 CFR 59.1
  • If the home is in that zone and the loan comes from a regulated lender, federal law requires flood insurance for the life of the loan, in communities that take part in the NFIP. 42 U.S.C. 4012a
  • Most homeowners insurance does not cover flood damage. FEMA, FloodSmart
New Mexico United States
Homes in a high-risk zone 5.7% 3.5%
Of those, with NFIP insurance 16% 48%
All homes with NFIP insurance 1.4% 2.9%

The NFIP is the federal flood insurance program; private policies are not counted. FEMA counts homes with its National Structure Inventory. We add up the county figures FEMA publishes.

Look up your address on FEMA’s map Source: Homes with flood insurance (NFIP, FEMA) As of August 3, 2026 Homes with flood insurance (NFIP, FEMA)

Places

Cities in New Mexico

The 9 most populous cities with a page. Each one compares its prices and rents with its county.

See the other cities (37)

    Help to buy

    Assistance programs in New Mexico

    Our list has 4 official programs that help you buy in New Mexico. Each card says what kind of help it gives and when we checked its official page.

    See all 4 programs
    1. FirstDown

      New Mexico state agency fixed-rate second mortgage for the down payment and closing costs of first-time buyers, together with the FirstHome mortgage. Offered by Housing New Mexico (New Mexico Mortgage Finance Authority, MFA).

      Repayable Verified November 5, 2026

    2. HomeNow

      New Mexico state agency fixed $7,000 second mortgage for the down payment and closing costs of low-income first-time buyers; no monthly payments and forgivable after 10 years. Offered by Housing New Mexico (New Mexico Mortgage Finance Authority, MFA).

      Forgivable Verified November 5, 2026

    3. FirstDown Plus

      New Mexico state agency fixed $10,000 third loan at 0%, for the down payment only, added to FirstDown or HomeNow; repaid in monthly installments over 15 years. Offered by Housing New Mexico (New Mexico Mortgage Finance Authority, MFA).

      Repayable Verified November 5, 2026

    Tenant rights

    Tenant rights in New Mexico

    New Mexico law answers 2 of these 5 questions, each answer with its citation. Where it says “Data not available”, we have not verified it against the source yet.

    A summary of state law, not legal advice. Cities may have additional rules.

    See every right

    1. How much can they charge for a deposit?

      Data not available

    2. When must they return my deposit?

      Data not available

    3. If I fall behind on rent, what notice must I get?

      If you owe rent, the landlord must serve a written 3-day notice to pay. If you do not pay the rent (and any late charges the lease provides) within 3 days of delivery, the landlord may end the agreement and file a petition for restitution to evict you.

      NMSA 1978, §47-8-33(D)

    4. How much notice ends a month-to-month rental?

      To end a month-to-month tenancy, the written notice of termination must be given at least 30 days before the next rental period named in the notice begins.

      NMSA 1978, §47-8-37(A)-(B)

    5. Are there limits on late fees?

      Data not available

    An adobe-style corner house in Albuquerque, New Mexico, with a prickly-pear garden.

    Help and advice

    Who can help you in New Mexico?

    You do not have to do this alone. A HUD-approved housing counselor gives independent advice on buying, renting, late payments and credit, often free or at low cost.

    7 HUD-approved counseling agencies serve New Mexico; 4 say they serve you in Spanish. Choose your county to see the closest ones with their phone number.

    26 public housing authorities run Section 8 vouchers and public housing in New Mexico.

    See all 7 agencies See the housing agencies

    Who runs the help in New Mexico

    • Housing New Mexico (New Mexico Mortgage Finance Authority, MFA)

      Housing New Mexico (the New Mexico Mortgage Finance Authority, MFA) mortgage programs give down payment and closing cost assistance plus competitive-rate mortgage loans. First Home is for low- to moderate-income first-time New Mexico buyers, and First Down is a fixed-rate second mortgage for the down payment combined with First Home. They require a minimum 620 credit score and pre-purchase counseling.

      The agency's official page · Verified October 31, 2026

    Where to file a complaint in New Mexico

    • Complaints to the New Mexico Human Rights Bureau: 300 days

      The New Mexico Human Rights Act protects against discrimination in employment, public accommodations, housing and consumer credit applications. Federal and state laws protect, among others, race, color, national origin, ancestry, religion, sex, sexual orientation, gender, gender identity, age (40 or over), pregnancy or childbirth, physical and mental disability, serious medical condition and spousal affiliation. You start with an inquiry form (there is a Spanish version); the formal charge must be filed within 300 days of the most recent act.

      New Mexico Department of Workforce Solutions, Human Rights Bureau · Verified October 31, 2026

    Guides

    Guides for you in New Mexico

    We picked them with the numbers of New Mexico. Each one says why it can help you.

    Frequently asked questions about housing in New Mexico

    What is the FHA limit in New Mexico in 2026?

    In New Mexico, the FHA limit for a one-unit home runs from $541,287 to $692,300. The highest is in Los Alamos County.

    How much does a typical home cost in New Mexico?

    The typical home value in New Mexico is $248,100 (Average 2020–2024, U.S. Census). The highest is in Los Alamos County ($495,800) and the lowest in McKinley County ($78,700).

    How much does it cost to rent in New Mexico?

    The typical rent in New Mexico is $1,067 a month (Average 2020–2024, U.S. Census).

    How much do you need to earn to rent a 2-bedroom apartment in New Mexico?

    At HUD's average fair market rent in New Mexico ($1,282, Fiscal year 2027), about $24.65 an hour working full time, so rent stays under 30% of income.

    How much is property tax in New Mexico?

    The typical property tax in New Mexico is $1,731 a year, about 0.7% of home value (Average 2020–2024, U.S. Census).

    Where can I find free help in Spanish to buy a home in New Mexico?

    There are 7 HUD-approved counseling agencies in New Mexico; 4 say they serve you in Spanish. Each county page lists the closest ones with their phone number.

    Sources: American Community Survey (Average 2020–2024); FHA mortgage limits (2026 data); Conforming loan limits (2026 data); Fair Market Rents (Fiscal year 2027); HUD-approved housing counseling agencies (Retrieved November 6, 2026); Public Housing Agencies (Retrieved November 6, 2026); FHFA House Price Index (2025 data); Homes with flood insurance (As of August 3, 2026); Regional price parities (2024 data); Census Bureau cartographic boundary files (2024 data).