🏦 Mortgage Calculators New Mexico

How Much House Can I Afford in New Mexico?

Find out how much house you can afford in New Mexico with 0.8% property tax. Uses 28/36 rule with New Mexico-specific data.

Free — No Sign-up Verified Data Editorially Reviewed Updated Feb 2026

New Mexico Quick Facts

5.9% Income Tax Rate

0.80% Property Tax Rate

$54,020 Median Income

94.6 Cost of Living

How This Calculator Works

Calculation methodology and assumptions

Calculates home affordability in New Mexico using the 28/36 rule. Maximum 28% of gross monthly income for housing (PITI). Includes New Mexico's effective property tax rate of 0.8% and average home insurance of $1,780/year. Median home price in New Mexico: $285,000.

Key State Information

New Mexico housing market: Median home price $285,000 | Property tax rate 0.8% | Avg home insurance $1,780/yr | Median household income $54,020. Homes are expensive relative to income.

Standard financial formulas Pre-filled with real state data Estimates only — not financial advice

Data Source

Census Bureau, Zillow, Tax Foundation

View Original Source | Verified 2024-12-01 | Updated annually

Frequently Asked Questions

How much house can I afford on the median income in New Mexico?

With New Mexico's median household income of $54,020 and a 10% down payment, you can typically afford a home priced around $189,070-$243,090 depending on debts and interest rates. The median home in New Mexico costs $285,000.

What is the property tax rate in New Mexico?

New Mexico's effective property tax rate is 0.8%. On a $285,000 home, that's approximately $2,280/year or $190/month.