Historical data
Pick an indicator to see its long-run evolution.
Median home value
1990–2024Census / Zillow ZHVI, nominal dollars.
Home Prices
Home prices in New Mexico have risen roughly 45% since 2020, driven by demand in Santa Fe and Albuquerque, though the state remains more affordable than most Western neighbors.
FHFA House Price Index
1975–2025FHFA all-transactions index, annual average of quarters. Source: FHFA via FRED (NMSTHPI).
| Indicator | New Mexico | U.S. |
|---|---|---|
| 5-yr home price growth (%) | 45 | 40 |
Median Home Value
The median home value in New Mexico is about $258,000, well below the national median, though prices in Santa Fe run much higher.
Median value of owner-occupied homes
2008–2024Census American Community Survey 1-year estimates, B25077 (2020 not released).
| Indicator | New Mexico | U.S. |
|---|---|---|
| Median home value (USD) | 258000 | 360000 |
Rent Prices
The median monthly rent in New Mexico is about $1,050, notably cheaper than most Western states.
Rent of primary residence index (West region)
2006–2025BLS CPI-U, West region, annual average (CUUR0400SEHA).
| Indicator | New Mexico | U.S. |
|---|---|---|
| Median rent (USD/mo) | 1050 | 1360 |
Housing Inventory
New Mexico has about 970,000 total housing units, with a notably high vacancy rate reflecting many seasonal and vacation homes in areas like Santa Fe and Taos.
Total housing units
2008–2024Census American Community Survey 1-year estimates, B25001 (2020 not released).
Vacant housing units
2008–2024Census American Community Survey 1-year estimates, B25002 (2020 not released).
| Indicator | New Mexico | U.S. |
|---|---|---|
| Housing units (thousands) | 970 | 145900 |
Building Permits
New Mexico issued about 5,900 residential building permits in 2023, a modest pace reflecting slow population growth.
New private housing units authorized
1988–2025Census Building Permits Survey, sum of 12 months (FRED NMBPPRIV).
| Indicator | New Mexico | U.S. |
|---|---|---|
| Building permits (thousands) | 5.9 | 1470 |
Homeownership Rate
About 68% of New Mexico households own their home, close to the national average.
Homeownership rate (CPS/HVS)
1984–2025Census Housing Vacancy Survey, annual (FRED NMHOWN).
| Indicator | New Mexico | U.S. |
|---|---|---|
| Homeownership rate (%) | 68 | 65.6 |
Housing Affordability
New Mexico ranks as relatively affordable for housing, with home prices and rents both below national medians despite rising costs in Santa Fe.
Housing price level vs U.S. (RPP rents)
2008–2024BEA Regional Price Parities, housing services (SARPP line 3).
| Indicator | New Mexico | U.S. |
|---|---|---|
| Housing price level vs U.S. (RPP rents)2024, BEA Regional Price Parities | 73.6 | 100 |
| Home value to income ratio | 4.4 | 5 |
Vacancy Rate
New Mexico's housing vacancy rate of 14.5% is among the highest in the nation, driven by seasonal homes and rural vacancy.
Rental vacancy rate
1986–2025Census Housing Vacancy Survey, annual (FRED NMRVAC).
Homeowner vacancy rate
1986–2025Census Housing Vacancy Survey, annual (FRED NMHVAC).
| Indicator | New Mexico | U.S. |
|---|---|---|
| Vacancy rate (%) | 14.5 | 11.2 |