With a rich heritage, historic adobe architecture, and vibrant art communities to breathtaking landscapes like the otherworldly White Sands National Park and the ancient cliff dwellings of Bandelier National Monument, New Mexico is a one-of-a-kind place to live. If you’re considering living somewhere in New Mexico then chances are you also have a budget you’re hoping to stay under in your home or apartment search. As of July, the median home sale price in New Mexico is $349,200.
If that price doesn’t fit into your budget, don’t worry. Redfin has collected 4 of the most affordable places to live in New Mexico. And the best part is that they all have a median home sale price under $349,200. From Roswell to Las Cruces, learn what cities are on the list.
#1: Roswell
Median home price: $100,000
Average sale price per square foot: $56
Median household income: $45,493
Nearest major metro: Lubbock, TX (175 miles)
Roswell, NM homes for sale
Roswell, NM apartments for rent
With a median home sale price of $100,000, Roswell takes the number one spot on our list of affordable places to live in New Mexico. There are about 48,400 residents living in this mid-sized city located in the Southeastern portion of the state. Living in Roswell, you can stop by the Roswell Welcome Sign, explore Roswell’s downtown, check out one of the art museums like Roswell Museum or Anderson Museum of Contemporary Art, or visit Bitter Lake National Wildlife Refuge.
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#2: Farmington
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Median home price: $155,000
Average sale price per square foot: $147
Average rent for a 1-bedroom apartment: $815
Median household income: $56,576
Nearest major metro: Albuquerque (185 miles)
Farmington, NM homes for sale
Farmington, NM apartments for rent
Farmington comes in as the second most affordable city to live in New Mexico. It’s about 185 miles from the nearest major metro, Albuquerque, but is only about 52 miles from Durango, Colorado. When living in this city of 46,600 people, you can spend the day at Lake Farmington, visit the Farmington Museum where you can learn about the local history, and stroll along the Animas River Walk.
#3: Las Cruces
Median home price: $167,000
Average sale price per square foot: $140
Average rent for a 1-bedroom apartment: $867
Median household income: $45,140
Nearest major metro: Albuquerque (225 miles)
Las Cruces, NM homes for sale
Las Cruces, NM apartments for rent
Third is Las Cruces, where about 111,400 residents currently live. The median home sale price is $167,000 which is about $180K less than the median home sale price in New Mexico. If you find yourself moving to the third most affordable city, make sure to hike through Mesilla Valley Bosque State Park along the Rio Grande River, explore New Mexico Farm and Ranch Heritage Museum, and grab some amazing Southwestern food downtown.
#4: Albuquerque
Median home price: $350,000
Average sale price per square foot: $198
Average rent for a 1-bedroom apartment: $1,152
Median household income: $56,576
Nearest major metro: Santa Fe (65 miles)
Albuquerque, NM homes for sale
Albuquerque, NM apartments for rent
Taking the fourth and final spot on our list is none other than Albuquerque. With roughly 564,600 residents in Albuquerque, make sure to explore Old Town Albuquerque, the historic heart of the city, where you’ll find adobe buildings, shops, galleries, and restaurants or visit the annual Albuquerque International Balloon Fiesta. You can also check out the Indian Pueblo Cultural Center, and ride the Sandia Peak Tramway up to the top of Sandia Peak, where you’ll find views of the city and desert landscape.
Methodology: All cities must have over 40,000 residents per the US Census and have a median home sale price under the average median home sale price in New Mexico. Median home sale price and median sale price per square foot from the Redfin Data Center during July 2023. Average rental data from Rent.com July 2023. Population and median household income data sourced from the United States Census Bureau.
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