Rent vs Buy in New Mexico
Compare 8 cities across New Mexico. Find out whether renting or buying makes more financial sense in your area.
8cities analyzed
Avg Home:$295,755
Avg Rent:$1,548/mo
Avg Price/Rent:15.5
New Mexico Housing Market Summary
8
Cities Analyzed
0
Favor Buying
7
Favor Renting
1
Toss-Up
Across New Mexico's 8 analyzed cities, the majority (7 cities) favor renting over buying. High home prices relative to rents make renting more financially attractive in much of New Mexico.
The average home price in New Mexico is $295,755, with average rents at $1,548/month. This gives an average price-to-rent ratio of 15.5.
$Most Affordable Cities
$$Most Expensive Cities
All New Mexico Cities
Sorted by population. Click any city for detailed analysis.
| City | Median Price | Median Rent | Price/Rent | Break-even | Verdict |
|---|---|---|---|---|---|
| Albuquerque | $339,864.74 | $1,477.86 | 19.2 | N/A | Rent |
| Las Cruces | $285,597.84 | $1,459.16 | 16.3 | N/A | Rent |
| Rio Rancho | $366,486.86 | $1,916.65 | 15.9 | N/A | Rent |
| Santa Fe | $543,970.34 | $2,000.21 | 22.7 | N/A | Rent |
| Farmington | $259,731.52 | $1,415.42 | 15.3 | N/A | Rent |
| Clovis | $153,885.47 | $1,259.28 | 10.2 | 14 yrs | Toss-up |
| Hobbs | $189,258.96 | $1,363.12 | 11.6 | N/A | Rent |
| Alamogordo | $227,246.18 | $1,489.41 | 12.7 | N/A | Rent |
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These are general analyses based on median values. Use our comprehensive Buy vs Rent calculator to input your specific income, savings, and financial goals.
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