Buying a Home in New Mexico: What You Need to Know
If you're considering buying a home in New Mexico, understanding the true cost of homeownership is essential. Beyond your mortgage payment, New Mexico homeowners face property taxes, insurance costs, and closing fees that vary significantly from the national average. This calculator uses New Mexico-specific data to give you accurate monthly payment estimates.
New Mexico Property Taxes
New Mexico has an effective property tax rate of 0.61%, ranking #34 out of 50 states (where #1 is the highest). On a median-priced home of $357,000, you'd pay approximately $2,178 per year in property taxes, or about $182/month.
New Mexico's property tax rate is near the middle nationally. Property tax rates can vary by county, so check with your local tax assessor for exact rates in your area.
New Mexico Homeowners Insurance
The average annual homeowners insurance premium in New Mexico is $2,179 for $300,000 in dwelling coverage, or about $182/month.
New Mexico's insurance costs are moderate compared to national averages. You may be able to lower your premium by increasing your deductible, bundling with auto insurance, or installing security systems.
New Mexico Closing Costs
Closing costs in New Mexico average 0.84% of the home's purchase price. On a $357,000 home, that's approximately $2,999. Closing costs typically include:
- Loan origination fees
- Appraisal and inspection fees
- Title insurance and search
- Recording fees
- Prepaid property taxes and insurance
New Mexico Housing Market
The median home price in New Mexico is $357,000. This is close to the national median of approximately $410,000, offering a balanced housing market with options for various budgets.
More New Mexico Mortgage Tools
Use these additional calculators to plan your New Mexico home purchase: