New Mexico
Ranked #19 of 51 for housing affordability
Median Home Price
🏠$256K
4.12x income
Median Rent
🔑$1,084
30.0% rent-burdened
Median Income
💰$62K
Population: 2,113,344
Homeownership
🏡69.0%
2,561 experiencing homelessness
Housing Shortage
📉30,000
units needed
Building Permits (2024)
🔨7,572
Price-to-Income
📊4.12x
Severe Rent Burden
⚠️14.5%
paying >50% of income
Rent Burden Breakdown
vs. National Average
House Price Index (2000–2025)
FHFA All-Transactions HPI · Base = 100 (1980s)
HUD Fair Market Rents (FY2026)
Maximum rent HUD considers fair for Section 8 voucher holders
FMR ($1294) is above the state median rent ($1084) — vouchers cover typical rents.
Metros in New Mexico
| Metro | Score | Home Price | Rent | Income | Rent Burden |
|---|---|---|---|---|---|
| Albuquerque | 50 | $297K | $1,203 | $68K | 32.0% |
| Las Cruces | 80 | $228K | $933 | $56K | 24.8% |
| Santa Fe | 32 | $485K | $1,254 | $79K | 33.0% |
| Farmington | 85 | $202K | $965 | $57K | 15.4% |
Market Trends
Homeownership Rate
69.0%
Rent-to-Income Ratio
21.0%
of gross income spent on rent
Total Households
856,580
Owner-Occupied
593,413
Renter-Occupied
263,167
Homelessness
Latest Count (2024)
4,631
1-Year Change
+20.5%
10-Year Trend (2015–2024)
+76.2%
2,629 → 4,631
Housing Policies
Construction Activity
Total Permits (2024)
7,572
0.5% of national total
Single-Family
6,488
86% of state permits
Multi-Family
1,084
14% of state permits
Mortgage Access
National HMDA data — mortgage denial rates by race/ethnicity
Denial Rates by Race
Top Denial Reasons
Housing Shortage
State Shortage
30,000
units needed
National Shortage
7,300,000
0.4% of national total
Affordable Units per 100 ELI Renters
35
nationally (NLIHC)
National Shortage by Unit Type
45%
Single-Family
18%
Small Multi (2-4)
22%
Medium Multi (5-49)
15%
Large Multi (50+)
Rent Burden Detail
New Mexico burden rates with national demographic breakdown
Cost-Burdened Renters
30.0%
paying >30% of income
Severely Burdened
14.5%
paying >50% of income
Households >30% Burden
60,822
Households >35% Burden
28,449