New Mexico home prices and mortgage costs
Typical home value $315,812 · +1.7% in a year · property tax 0.63%
New Mexico ranks 32nd most expensive of 51 states and D.C. Home values changed +1.7% over the past year and +25.1% over five years. Buying the typical home with 20% down costs about $2,024 a month at 7.11%, which needs a household income of about $86,700.
Cost of the typical New Mexico home
| Down payment | Cash down | Loan | Principal + interest | PMI / MIP | Tax + insurance | Total / month | Income needed |
|---|---|---|---|---|---|---|---|
| 20% down | $63,162 | $252,650 | $1,700 | $0 | $324 | $2,024 | $86,700 |
| 10% down | $31,581 | $284,231 | $1,912 | $118 | $324 | $2,355 | $100,900 |
| 5% down | $15,791 | $300,021 | $2,018 | $125 | $324 | $2,468 | $105,800 |
| 3.5% down (FHA) | $11,053 | $310,092 | $2,086 | $140 | $324 | $2,550 | $109,300 |
Assumes a 30-year fixed loan at 7.11%, property tax of 0.63% 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.
Check a specific budget: how much house you can afford in New Mexico by salary · payment on a $300K home in New Mexico
Home prices by county in New Mexico
| County | Typical home | 1-yr change | Tax rate | Payment / month | Income needed |
|---|---|---|---|---|---|
| Los Alamos County | $579,389 | -0.7% | 0.55% | $3,672 | $157,400 |
| Santa Fe County | $548,874 | +0.8% | 0.48% | $3,449 | $147,800 |
| Taos County | $424,746 | -0.8% | 0.29% | $2,603 | $111,500 |
| Sandoval County | $373,280 | +0.6% | 0.73% | $2,423 | $103,800 |
| Bernalillo County | $347,674 | +1.7% | 0.9% | $2,305 | $98,800 |
| Lincoln County | $335,919 | -3.4% | 0.53% | $2,125 | $91,100 |
| Rio Arriba County | $331,139 | +2.3% | 0.42% | $2,063 | $88,400 |
| Valencia County | $318,413 | +2.9% | 0.62% | $2,036 | $87,300 |
| Dona Ana County | $285,351 | -0.6% | 0.67% | $1,838 | $78,800 |
| San Juan County | $273,559 | +6.8% | 0.68% | $1,764 | $75,600 |
| Eddy County | $247,965 | +3.1% | 0.52% | $1,565 | $67,100 |
| San Miguel County | $246,341 | +4.7% | 0.57% | $1,567 | $67,100 |
| Colfax County | $244,949 | -2.7% | 0.52% | $1,547 | $66,300 |
| Otero County | $229,953 | -1.8% | 0.55% | $1,459 | $62,500 |
| Torrance County | $217,224 | +6.0% | 0.45% | $1,359 | $58,200 |
| McKinley County | $216,464 | -2.1% | 2% | $1,634 | $70,000 |
| Catron County | $212,317 | +8.5% | 0.36% | $1,313 | $56,300 |
| Socorro County | $197,130 | +3.3% | 0.61% | $1,260 | $54,000 |
| Lea County | $196,513 | +3.0% | 0.48% | $1,234 | $52,900 |
| Sierra County | $180,323 | +4.2% | 0.52% | $1,138 | $48,800 |
| Grant County | $178,942 | -4.8% | 0.46% | $1,121 | $48,000 |
| Chaves County | $171,293 | +0.4% | 0.6% | $1,093 | $46,800 |
| Luna County | $163,798 | +4.3% | 0.54% | $1,037 | $44,400 |
| Curry County | $159,828 | +2.4% | 0.59% | $1,019 | $43,700 |
| Cibola County | $159,086 | +8.5% | 0.8% | $1,042 | $44,600 |
| Roosevelt County | $144,463 | +1.5% | 0.45% | $904 | $38,800 |
| Union County | $107,344 | -9.9% | 0.7% | $694 | $29,700 |
| Hidalgo County | $105,669 | -5.2% | 0.48% | $664 | $28,400 |
| De Baca County | $101,406 | +2.9% | 0.6% | $647 | $27,700 |
| Quay County | $96,160 | -3.8% | 0.61% | $614 | $26,300 |
Metro areas in New Mexico
Frequently asked questions
What is the average home price in New Mexico?
The typical home in New Mexico is worth $315,812 according to the Zillow Home Value Index for September 2026.
How much income do you need to buy a house in New Mexico?
About $86,700 a year to buy the typical $315,812 home with 20% down at 7.11%, keeping housing under 28% of income.
What is the property tax rate in New Mexico?
The typical effective rate is 0.63% of the home's value a year (median taxes paid divided by median home value, Census ACS 2025).