Gallup, NM home prices
Typical home $216,406 · -2.1% in a year · income needed $70,000
The Gallup, NM metro area ranks 581 of 894 U.S. metros for home values (U.S. typical home: $366,157). Prices changed -2.1% in a year and +6.1% over five years. With 20% down at 7.11%, the typical home costs about $1,634 a month including 2% property tax (McKinley County rate).
Mortgage on the typical Gallup home
| Down payment | Cash down | Loan | Principal + interest | PMI / MIP | Tax + insurance | Total / month | Income needed |
|---|---|---|---|---|---|---|---|
| 20% down | $43,281 | $173,125 | $1,165 | $0 | $469 | $1,634 | $70,000 |
| 10% down | $21,641 | $194,766 | $1,310 | $81 | $469 | $1,860 | $79,700 |
| 5% down | $10,820 | $205,586 | $1,383 | $86 | $469 | $1,938 | $83,000 |
| 3.5% down (FHA) | $7,574 | $212,487 | $1,429 | $96 | $469 | $1,994 | $85,500 |
Assumes a 30-year fixed loan at 7.11%, property tax of 2% of the home value a year, homeowners insurance of 0.6% a year, PMI of 0.5% of the loan a year when the down payment is under 20%, and FHA mortgage insurance of 0.55% a year plus a 1.75% upfront premium added to the loan. Your rate, taxes and insurance will differ.
Counties in the Gallup area
| County | Typical home | 1-yr change | Tax rate |
|---|---|---|---|
| McKinley County, NM | $216,464 | -2.1% | 2% |
What can you afford in New Mexico on your salary? · New Mexico home prices · Salaries in New Mexico
Frequently asked questions
How much is a house in Gallup?
The typical home in the Gallup, NM metro area is worth $216,406 (Zillow, September 2026).
What salary do you need to buy a house in Gallup?
About $70,000 a year for the typical home with 20% down at 7.11%.