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The following table shows current 30-year Ashburn mortgage refinance rates. You can use the menus to select other loan durations, alter the loan amount. or change your location.
New Mexico is located in the southwest United States, and it has a population of over two million people. It ranks as the thirty-sixth most populous state in the nation, as well as the fifth largest by land area. The state is divided by climates, and the northern and eastern portions of the state experience a colder more alpine climate while the southern and western portions of the state experience a warmer, more arid climate. Oil drilling, farming, ranching, retail, trade, and mineral extraction make up and support the state's economy.
The local living in this state varies from region to region, and you have several thriving cities to choose from. You can live in a more laid-back and rural real, or you can live in one of the several large cities that are found throughout the state. No matter where you choose to live, the cost of living is below the national average, and the diverse economy gives New Mexico's inhabitants a lot to choose from.
People move to New Mexico for the thriving economy and the huge dedication to the arts. The lower cost of living and the very low tax rates are also a big draw for people. There are several excellent secondary education opportunities that draw a younger generation to the state as well. The state is also very culturally diverse, and there is an abundance of types of homes and jobs to choose from. All of these factors make New Mexico a place where people want to travel or move to.
However, many people are leaving New Mexico at a rapid pace as well. The economy is stagnant for the middle-aged demographic, and there isn't a lot of opportunities to advance to higher-paying positions. This results in people leaving the state to find work opportunities that offer them faster advancement. Additionally, many in the workforce are nearing retirement age and phasing out, and this contributes to the stagnant economy New Mexico seems to be experiencing.
Young college-aged people find New Mexico attractive because there are many opportunities to get advanced degrees from one of the many universities and colleges located throughout the state. Also, people who are nearing retirement age are finding New Mexico attractive because of year-round sunshine, the lower cost of living, and the lower property taxes as a whole.
New Mexico didn't fare very well during the housing market crash, and it is still recovering. When 2008 came, New Mexico's housing market saw its, first, last, and the only peak before it began falling. From the third to the fourth quarter of 2008, New Mexico's housing market plateaued before it rose sharply at the start of 2009. From that peak, it began to fall once again until the second quarter of 2010. When this time came, the housing market saw a slight reduction in the pace it was falling, and this continued until the third quarter of 2010 when the housing market rose slightly. However, it resumed its fall quickly, and in 2011 the market saw another slight plateau. This dropped in the second quarter of 2012 when the housing market finally hit its lowest peak.
Unlike the majority of the United States, the New Mexico housing market hasn't rebounded quickly. From the time it hit bottom in 2011 until 2014 it stayed very low. The beginning of 2014 finally saw the market beginning to climb slightly, and 2015 saw a slight peak that dropped off quickly. The market resumed its steady climb after the 2015 peak, and it has continued on this path to the present. However, the New Mexico real estate market is still nowhere near where it was before the market fell in 2008.
The city of Albuquerque had a similar ride with the housing market crash. In 2007, the housing market slowed down as it had been on a quick rise before this year. The market continued to rise slowly until it hit its peak in 2008. Once it hit this peak, it dropped significantly until the fourth quarter of 2008 when the market experienced another sharp peak. It experienced a rocky drop from 2009 on, with several small peaks at the end of 2010. In 2011, the market hit a plateau that lasted until the start of 2012, when the market dropped for one final time before it hit bottom.
Sine Albuquerque hit bottom in 2012; it hasn't experienced a quick recovery like many states in the United States. The market stayed moderately low like the entire state of New Mexico did until the start of 2014. The start of 2014 saw the real estate market beginning to pick up slightly, and this continued until it hit a plateau from the middle of 2016 until the start of 2017. As of the start of 2017, the market has begun to climb again, but it still isn't where it was before the housing market crash, it's right below the pre-2008 prices.
The early 1990s brought about the start of a steady climb for the New Mexico real estate market. There was a slight peak in 1992, and the market began a slightly steeper climb in the start of 1993. This climb continued without any large fluctuations except a slight drop in 1995 until the middle of 1996. In 1996, the real estate market slowed down and started a more gradual climb that continued until it hit a slight peak in 1998. This peak leveled off until 2000 when it started a rapid climb.
From 2000 to 2005, the New Mexico real estate market saw it continue to climb at a largely uninterrupted pace. The start of 2005 saw the beginning of a steep and rapid jump in the real estate market, and it continued to increase until the first quarter of 2007. In 2007, the market hit a slight plateau, and it stayed on this plateau until it hit its final peak in 2008 and started falling as the housing market crashed.
Homeownership across the state has fluctuated widely with the broader economy. Ownership stood at 68% in 1984, fell to 65.4% in 1988, rose to 70.5% in 1992, and fell to 66.8% in 1994. Ownership boomed with the broader nationwide economy in the late 1990s with ownership peaking out at 73.7% in 2000. After the technology-led recession, ownership fell to 70% in 2002. During the housing bubble ownership peaked out at 72% in 2006 before sliding to a low of 66.3% in 2014. As of 2016 ownership stood at 67.4%, which is about 4% above the national average.
|NM Rank||US Rank||Metropolitan Area||2016 Pop||2010 Pop||Change||% △|
New Mexico is home to several cities that enjoy thriving art and music scene, several nationalities, cultures, and languages, as well as many top-ranked educational opportunities.
New Mexico's most popular cities are places where there are more opportunities for employment. As most of New Mexico's population still resides in rural areas, New Mexico's most popular cities are places whose job bases are the most stable. As a result, Albuquerque, Las Cruces, Rio Rancho and Santa Fe have bigger populations than other New Mexico cities because they have more stable job bases. These cities also enjoy a higher quality of life than other cities in New Mexico because they are cleaner, well-organized and offer better schools than other New Mexico cities. Median home values in New Mexico vary considerably by city.
The largest city in the state of New Mexico is Albuquerque with a population of 559,277 people as of 2016. This population makes Albuquerque the thirty-second largest city in the United States. This city is part of the larger Albuquerque Metro area, and the combined population of this Metro is 909,906. The Albuquerque Metro area is the sixtieth-largest in the nation. Albuquerque is home to several top-ranked universities, historical landmarks, tourist attractions, museums, and parks.
The local economy is supported by several large companies and company headquarters. The tech industry is very large in this city, and this city lies in the center of the New Mexico Technology Corridor. There are also several solar energy companies located in this city, and it has been ranked as one of the best cities in the nation for new businesses. It has also been ranked as one of the best cities for jobs throughout the 2000s. The education sector is very influential, and thousands of college-aged people come here every year.
There are many art and cultural events that take place year-round all over the state, and Albuquerque alone is home to over 300 festivals, events, and shows. The New Mexico Arts and Craft Fair is an exclusive non-profit event that takes place every year. Visitors can visit the Museum of Natural History and Science or the Albuquerque International Balloon Fiesta as well. Finally, tourists and residents alike also like to visit the KiMo Theater and take in one of their many performances.
The largest public flagship university in the state is located in Albuquerque, and the University of New Mexico has over 27,000 students enrolled. There are also several non-profit and private universities in the city including the Southwest University of Visual Arts and the University of St. Francis. Finally, Albuquerque Public Schools serves this city, and it is one of the largest public school systems in the nation with almost 100,000 children currently enrolled.
The largest employer in the city is the government sector with Kirtland Air Force Base and over 35,000 people employed. The second-largest employer in the city is education-based and it is the University of New Mexico with 14,400 staff members. Finally, Albuquerque Public Schools is the city's third-largest employer and it has over 14,000 staff members employed year round.
The economy is at a standstill currently. The unemployment rate is higher than the national average, and there has only been very little job growth reported in the last year. However, the economy may be on track to improving as over the next ten years it is projected that job availability will grow by over 30%.
The local median house price for Albuquerque is currently around $185,300 with a price per square foot of $142. These numbers have risen by 4.3% over the past year, and they're projected to rise another 3.3% in the coming year. The Albuquerque Metro has a local median home price of $215,000 and a price per square foot of $134.
The second-largest city in New Mexico is Las Cruces, and this city is better known as “The City of Crosses.” As of 2016, it had a population of 101,759 people, and it is part of the larger Las Cruces Metro area that has a combined population of 214,207. Las Cruces serves several important purposes to the state of New Mexico, and it is the economic and geographic center of the Mesilla Valley region. It is also known as the agricultural region for the Rio Grande floodplain.
The economy in this city is supported by several large sectors with education, manufacturing, government, and healthcare making up the four largest economic contributors. This diverse economy means that people come to this city with a very good chance of finding jobs, and there are several very different ones to choose from.
The climate in and around this city is arid with very windy conditions year round. The summer months are hot and dry with temperatures staying up in the 90s from June through September. The winter months alternate between cold and windy to sunny, and temperatures stay around the mid-30s from December through March. Additionally, it is rare to see snow in this city, and most of the moisture the area experiences in the winter months comes from rainfall and an occasional light frost.
There are several art and cultural events held in Las Cruces, and most of them are held later in the year. The Renaissance ArtsFaire is held every year, and this festival celebrates craftsmanship, music, and features several workshops led by local artists. One of the larger events this city hosts is held every September, and the La Gran Fiesta attracts thousands of people to celebrate the food and culture of the city. You can also visit the New Mexico Farm and Ranch Heritage Museum which celebrates the history of farming and ranching.
The Las Cruces Public School District serves the city and the surrounding area and it has 26 elementary schools, nine middle schools, and six high schools. Students can also attend several universities or community colleges in the area as well. The New Mexico State University is located here along with The Burrell College of Osteopathic Medicine. If you want to attend a community college, the Doña Ana Community College is available.
Two of the three largest employers in the city come from the education sector, and the largest employer in the city is the New Mexico State University with over 3,500 staff members. The second-largest employer in Las Cruces is the Las Cruces Public School District and it has over 3,200 employees. Finally, the third-largest employer comes from the healthcare sector and LifePoint Health currently has 1,300 staff members.
The local economy in Las Cruces isn't doing very well despite that fact that there are several large employers in the city. The current unemployment rate is above the national average by almost 2%, and there hasn't been any job growth. The number of available jobs has fallen in the past year. However, over the next ten years, the local economy may get a boost, and it looks to add over 30% more jobs into the economy.
The local median home price for Las Cruces is $145,700, and this works out to around $109 per square foot. These prices have increased 5% in the past year, and they're on track to increase another 4.6% in the coming year. The local median home price for the Las Cruces Metro area is $199,000 with an average price per square foot of $111. Las Cruces’ lower-than average median home value demonstrates that smaller New Mexico cities with lower yearly median incomes tend to have median home values that are lower than the national median price.
Rio Rancho is currently the third-largest city in the state, and it is also one of the state's fastest growing city as it offers residents low taxes, low crime rates and affordable land to build homes. As of 2016, Rio Rancho had a population of 96,028, and it is part of the greater Albuquerque Metro. The combined population of Rio Rancho and the Metro area is 909,906. This city acts as an important economic hub for Sandoval County. It is working to become independent from the Albuquerque Metro, and it has established its own library and school system.
The economy in Rio Rancho is very diverse with several large corporations making their headquarters here. The government, retail, services, and fabrication industry are all important economic cornerstones in supporting the economy. Additionally, this city is home to several call centers, and there are plans in place to continue to expand into other sectors.
Rio Rancho also has an arid climate that is classified by hot and humid summers and cool, windy winters. June through September are the hottest months on average, and the temperatures typically stay in the upper-90s. The fall brings windy and wet weather that fades into the winter months. December through February are usually the coldest months in this city with temperatures ranging in the mid-50s.
This city is home to several outdoor recreational spots and parks for the residents and tourists to enjoy. The Petroglyph National Monument is an archeological site that contains several pieces of historic art and cave paintings. There is also a Pueblo village that visitors can tour, along with the J&R Vintage Automobile Museum.
This city does not have any large universities or campuses, but the Rio Rancho Public School District serves the area with several elementary, middle, and high schools. There is also an alternative school. Students can choose to attend the National American University.
The largest employer in the city is the Intel Corporation with over 3,000 employees. The second-largest employer in Rio Rancho is the Rio Rancho Public School District and it has over 1,900 employees. Finally, the third-largest employer in the city is Hewlett-Packard with over 1,500 employees.
In spite of the several notable employers that are based in Rio Rancho, the unemployment rate is still higher than the national average. The city did see job growth in the past year, but it was less an 1% of an improvement. However, over the next ten years, the city is looking to add up to 33% more jobs, so this may help to lower the current unemployment rate.
The current local median home price in Rio Rancho is around $165,600, and the price per square foot is $112. Both of these prices have seen increases over the past year of 6.2% with a projected increase of 3.2% in the coming year. The Albuquerque Metro has a local median home price of $215,000 and a price per square foot of $134.
The fourth-largest city in New Mexico and the state's capital is the city of Santa Fe with a population of 83,875 people as of 2016. This city is part of the larger Santa Fe Metro area, and the combined population as of 2016 was 148,651 people. Santa Fe was founded in 1610, and this makes it the oldest city in New Mexico and the oldest state capital city in the nation. When it was founded, Santa Fe's full name was “La Villa Real de la Santa Fe de San Francisco de Asís” which means “The Royal City of the Holy Faith of Saint Francis of Assisi.”
The local economy relies heavily on the tourism industry. It also has major contributions from the science and technology industry, the education industry, the healthcare industry, and the manufacturing industry. These varied sectors make for a unique economy with many different job opportunities available.
The city has a dry steppe climate that is classified by hot, humid summers with little rainfall and dry, chilly winter months. June through August typically has the hottest temperatures that stay up in the mid-80s, and the winter months run from November through March with temperatures in the mid-30s. Residents can expect between six and eight snowfalls each year, and July through August brings heavy rainfall.
Santa Fe is a well-known center for cultural events and a huge art supporter. One of the biggest draws for art lovers, collectors, and tourists is the infamous Canyon Road. Here you'll find the largest collection of art galleries in the city. You can also take in a performance from the oldest presenting organization in the city, Performance Santa Fe. Finally, tourists and residents can visit the Museum of International Folk Art and view art from around the world.
The city has three public high schools that operate under the Santa Fe Public School District. There are also three private liberal arts colleges students can attend around the city. The Santa Fe University of Art and Design and Southwestern College are both located here. In addition, the New Mexico School for the Deaf serves over 500 students.
The State of New Mexico is the largest employer in the city with over 19,000 year-round employees. The second-largest employer is the Los Alamos National Laboratory, and they have over 10,500 staff members. Finally, the third-largest employer is education based and the Santa Fe Public School District has over 1,700 staff members.
The local economy is doing very well, and it currently has an unemployment rate that is below the national average. It also has recent job growth in the past year, and this trend is looking to continue into the next decade with a projected growth of over 35%.
The median local home price for Santa Fe is around $321,500 with an average price per square foot of $243. These prices have risen 3.4% over the past year, and they're projected to rise at least another 2.5% in the coming year. The Santa Fe Metro area has a local median home price of $499,000 and a price per square foot of $234.
According to the United States Census an estimated 1,334,795 people live in the state of New Mexico. The state has 121,298.15 mi² of land area, which gave it a population density of 11.0 per mi². Here is a list of cities, towns, villages & Census Designated Places with more than 500 residents, with their estimated population as of June 2016 & the 2010 United States Census. For Census Designated Places (CDP) where there was no population estimate available for 2016 the 2011-2015 American Community Survey 5-Year Estimates data was used.
All table columns are sortable. Click on the column headers to sort by that column. Click again to sort low to high. Cities with higher levels of population growth typically see the increased demand drive faster real estate price appreciation.
|Rank||Geography||2016 Pop||2010 Pop||Change||% △||County||Land mi²||Pop Den mi²|
|2||Las Cruces||101,759||97,618||4,141||4.24%||Doña Ana||76.49||1,330.36|
|3||Rio Rancho||96,028||87,521||8,507||9.72%||Sandoval & Bernalillo||103.35||929.15|
|4||Santa Fe||83,875||67,947||15,928||23.44%||Santa Fe||45.98||1,824.16|
|South Valley CDP||41,660||40,976||684||1.67%||Bernalillo||28.8||1,446.53|
|12||Sunland Park||16,544||14,106||2,438||17.28%||Doña Ana||11.4||1,451.23|
|Chaparral CDP||13,629||14,631||-1,002||-6.85%||Otero & Doña Ana||59.23||230.10|
|15||Las Vegas||13,285||13,753||-468||-3.40%||San Miguel||7.59||1,750.33|
|Los Alamos CDP||11,815||12,019||-204||-1.70%||Los Alamos||11.14||1,060.59|
|North Valley CDP||11,221||11,333||-112||-0.99%||Bernalillo||7.01||1,600.71|
|19||Española||10,138||10,224||-86||-0.84%||Rio Arriba & Sante Fe||7.85||1,291.46|
|Zuni Pueblo CDP||9,494||6,302||3,192||50.65%||McKinley||8.85||1,072.77|
|Shiprock CDP||8,496||8,295||201||2.42%||San Juan||13.44||632.14|
|Eldorado at Santa Fe CDP||6,486||6,130||356||5.81%||Santa Fe||20.81||311.68|
|Lee Acres CDP||6,480||5,858||622||10.62%||San Juan||12.86||503.89|
|30||Los Ranchos de Albuquerque||6,062||6,024||38||0.63%||Bernalillo||4.35||1,393.56|
|North Hobbs CDP||6,034||5,391||643||11.93%||Lea||26.02||231.90|
|31||Truth or Consequences||6,023||6,475||-452||-6.98%||Sierra||27.57||218.46|
|White Rock CDP||5,927||5,725||202||3.53%||Los Alamos||7.05||840.71|
|Los Chaves CDP||5,067||5,446||-379||-6.96%||Valencia||10.23||495.31|
|Meadow Lake CDP||4,813||4,708||105||2.23%||Valencia||11.54||417.07|
|Paradise Hills CDP||4,733||4,256||477||11.21%||Bernalillo||1.01||4,686.14|
|Santa Teresa CDP||4,710||4,258||452||10.62%||Doña Ana||10.81||435.71|
|El Cerro Mission CDP||4,547||4,657||-110||-2.36%||Valencia||5.88||773.30|
|Holloman AFB CDP||4,112||3,054||1,058||34.64%||Otero||12.47||329.75|
|37||Edgewood||3,805||3,735||70||1.87%||Santa Fe, Bernalillo & Sandoval||48.7||78.13|
|Sandia Heights CDP||3,377||3,193||184||5.76%||Bernalillo||1.93||1,749.74|
|University Park CDP||3,276||4,192||-916||-21.85%||Doña Ana||1.55||2,113.55|
|San Felipe Pueblo CDP||3,167||2,404||763||31.74%||Sandoval||11.98||264.36|
|El Cerro CDP||2,965||2,953||12||0.41%||Valencia||4.24||699.29|
|La Cienega CDP||2,884||3,819||-935||-24.48%||Santa Fe||11.85||243.38|
|West Hammond CDP||2,867||2,790||77||2.76%||San Juan||7.46||384.32|
|Agua Fria CDP||2,857||2,800||57||2.04%||Santa Fe||2.54||1,124.80|
|Vado CDP||2,681||3,194||-513||-16.06%||Doña Ana||2.98||899.66|
|Santo Domingo Pueblo CDP||2,665||2,456||209||8.51%||Sandoval||2.06||1,293.69|
|Cannon AFB CDP||2,575||2,245||330||14.70%||Curry||5.8||443.97|
|Dulce CDP||2,499||2,743||-244||-8.90%||Rio Arriba||12.81||195.08|
|Ranchos de Taos CDP||2,435||2,518||-83||-3.30%||Taos||3.62||672.65|
|San Ysidro CDP||2,432||2,090||342||16.36%||Doña Ana||2.65||917.74|
|Chimayo CDP||2,369||3,177||-808||-25.43%||Rio Arriba & Sante Fe||8.59||275.79|
|Pojoaque CDP||2,202||1,907||295||15.47%||Santa Fe||4.37||503.89|
|La Mesilla CDP||2,134||1,772||362||20.43%||Rio Arriba||4.47||477.40|
|Boles Acres CDP||2,053||1,638||415||25.34%||Otero||12.17||168.69|
|Flora Vista CDP||2,040||2,191||-151||-6.89%||San Juan||4.62||441.56|
|Las Maravillas CDP||1,994||1,628||366||22.48%||Valencia||1.02||1,954.90|
|Jemez Pueblo CDP||1,969||1,788||181||10.12%||Sandoval||2.04||965.20|
|Nambe CDP||1,906||1,818||88||4.84%||Santa Fe||8.69||219.33|
|La Luz CDP||1,837||1,697||140||8.25%||Otero||10.7||171.68|
|Keeler Farm CDP||1,823||1,305||518||39.69%||Luna||11.39||160.05|
|Waterflow CDP||1,784||1,670||114||6.83%||San Juan||8.32||214.42|
|Berino CDP||1,775||1,441||334||23.18%||Doña Ana||0.93||1,908.60|
|Monterey Park CDP||1,697||1,567||130||8.30%||Valencia||2.62||647.71|
|Upper Fruitland CDP||1,660||1,662||-2||-0.12%||San Juan||7.43||223.42|
|Black Rock CDP||1,613||1,323||290||21.92%||McKinley||1.69||954.44|
|Spencerville CDP||1,587||1,258||329||26.15%||San Juan||3.34||475.15|
|White Sands CDP||1,567||1,651||-84||-5.09%||Doña Ana||3.09||507.12|
|La Union CDP||1,561||1,106||455||41.14%||Doña Ana||4.14||377.05|
|Ohkay Owingeh CDP||1,531||1,143||388||33.95%||Rio Arriba||3.84||398.70|
|Arenas Valley CDP||1,524||1,522||2||0.13%||Grant||4.07||374.45|
|Sandia Knolls CDP||1,486||1,208||278||23.01%||Bernalillo||2.78||534.53|
|Radium Springs CDP||1,400||1,699||-299||-17.60%||Doña Ana||5.98||234.11|
|Indian Hills CDP||1,374||892||482||54.04%||Torrance||5.71||240.63|
|Doña Ana CDP||1,313||1,211||102||8.42%||Doña Ana||0.64||2,051.56|
|El Valle de Arroyo Seco CDP||1,291||1,440||-149||-10.35%||Santa Fe||5.19||248.75|
|Ponderosa Pine CDP||1,225||1,195||30||2.51%||Bernalillo||8.07||151.80|
|El Rancho CDP||1,219||1,199||20||1.67%||Santa Fe||2.1||580.48|
|San Miguel CDP||1,213||1,153||60||5.20%||Doña Ana||2.29||529.69|
|La Villita CDP||1,153||957||196||20.48%||Rio Arriba||1.36||847.79|
|La Huerta CDP||1,116||1,246||-130||-10.43%||Eddy||1.56||715.38|
|Taos Pueblo CDP||1,098||1,135||-37||-3.26%||Taos||15.59||70.43|
|Santa Clara Pueblo CDP||1,086||1,018||68||6.68%||Rio Arriba||2.02||537.62|
|San Rafael CDP||1,055||933||122||13.08%||Cibola||10.32||102.23|
|El Rito CDP||1,051||808||243||30.07%||Rio Arriba||4.11||255.72|
|Church Rock CDP||1,051||1,128||-77||-6.83%||McKinley||2.31||454.98|
|San Pablo CDP||1,042||806||236||29.28%||Doña Ana||1.22||854.10|
|Fairacres CDP||1,030||824||206||25.00%||Doña Ana||2.11||488.15|
|Dixon CDP||1,009||926||83||8.96%||Rio Arriba||11.53||87.51|
|La Puebla CDP||1,000||1,186||-186||-15.68%||Santa Fe||3.04||328.95|
|Chamita CDP||987||870||117||13.45%||Rio Arriba||3.85||256.36|
|Salem CDP||975||942||33||3.50%||Doña Ana||1.2||812.50|
|El Duende CDP||972||707||265||37.48%||Rio Arriba||1.47||661.22|
|Tesuque CDP||961||925||36||3.89%||Santa Fe||5.69||168.89|
|San Antonito CDP||952||985||-33||-3.35%||Bernalillo||2.44||390.16|
|Hernandez CDP||937||946||-9||-0.95%||Rio Arriba||1.7||551.18|
|Chamberino CDP||923||919||4||0.44%||Doña Ana||3.06||301.63|
|Cedar Crest CDP||919||958||-39||-4.07%||Bernalillo||3.12||294.55|
|68||Fort Sumner||915||1,031||-116||-11.25%||De Baca||3.31||276.44|
|Twin Lakes CDP||908||1,052||-144||-13.69%||McKinley||9.02||100.67|
|Arroyo Seco CDP||888||1,785||-897||-50.25%||Taos||6.82||130.21|
|La Mesa CDP||887||728||159||21.84%||Doña Ana||2.37||374.26|
|Zia Pueblo CDP||879||737||142||19.27%||Sandoval||27.03||32.52|
|Happy Valley CDP||850||519||331||63.78%||Eddy||2.16||393.52|
|Nenahnezad CDP||812||688||124||18.02%||San Juan||3.48||233.33|
|La Plata CDP||751||612||139||22.71%||San Juan||10.15||73.99|
|San Ildefonso Pueblo CDP||699||524||175||33.40%||Santa Fe||4.45||157.08|
|Cedar Hill CDP||693||847||-154||-18.18%||San Juan||5.35||129.53|
|Napi Headquarters CDP||688||727||-39||-5.36%||San Juan||3.62||190.06|
|Highland Meadows CDP||688||624||64||10.26%||Valencia||7.01||98.15|
|Placitas CDP||678||576||102||17.71%||Doña Ana||0.14||4,842.86|
|La Hacienda CDP||671||725||-54||-7.45%||Luna||1.35||497.04|
|Cedar Grove CDP||669||747||-78||-10.44%||Santa Fe||18.03||37.10|
|Ojo Amarillo CDP||659||766||-107||-13.97%||San Juan||1.96||336.22|
|Chili CDP||648||654||-6||-0.92%||Rio Arriba||3.28||197.56|
|Livingston Wheeler CDP||645||609||36||5.91%||Eddy||1.63||395.71|
|Santa Ana Pueblo CDP||645||610||35||5.74%||Sandoval||7.02||91.88|
|Cochiti Lake CDP||590||569||21||3.69%||Sandoval||1.24||475.81|
|Peña Blanca CDP||584||709||-125||-17.63%||Sandoval||6.89||84.76|
|East Pecos CDP||569||757||-188||-24.83%||San Miguel||3.6||158.06|
|Mesquite CDP||563||1,112||-549||-49.37%||Doña Ana||0.82||686.59|
|High Rolls CDP||558||834||-276||-33.09%||Otero||15.41||36.21|
|Cuyamungue CDP||548||479||69||14.41%||Santa Fe||1.17||468.38|
|Los Luceros CDP||523||906||-383||-42.27%||Rio Arriba||1.63||320.86|
|Isleta Village Proper CDP||509||491||18||3.67%||Bernalillo||0.27||1,885.19|
Annual Estimates of the Resident Population: April 1, 2010 to July 1, 2016
Source: U.S. Census Bureau, Population Division
Release Date: May 2017.
As of 2022 the conforming loan limit across the United States for single-family homes is set to $647,200, with a ceiling of 150% that amount in HERA high-cost areas where median home values are higher. High local affordability makes the $647,200 ceiling apply statewide for single unit homes. Dual unit homes have a limit of $828,700, triple unit homes have a limit of $1,001,650 & quadruple unit homes have a limit of $1,244,850. Residents buying premium properties in the Albuquerque metro area may be above these thresholds, requiring a jumbo loan. Jumbo loans typically have a slightly higher rate of interest than conforming mortgages, though spreads vary based on credit market conditions.
The most popular type of loan is a 30 year mortgage. Given that homes are quite affordable across the state due to high local incomes, 15 year fixed loans are another popular option which helps home buyers build equity faster and save on interest expenses.
Adjustable rate mortgages (ARM) are also an option for potential homeowners who don't believe they will live in the home for many years and want to write off interest payments. Balloon mortgages are another route for aspiring homeowners. Balloon mortgages are when a large portion of the borrowed principle is repaid in a single payment at the end of the loan period. Balloon loans are not common for most residential buyers, but are more common for commercial loans and people with significant financial assets.
Mortgage underwriters prefer debt-to-income ratios to be below 40%, but other factors are considered on the loan application. When qualifying for a loan, a credit score of 720 or better can help secure a favorable loan. As a general rule of thumb, coming to the table with a 20 percent down payment is usually the best approach. This down payment requirement does not apply for Federal assistance programs such as FHA, in which applicants can have a lower credit score and income but still receive financing.
The piggyback loan is another type of mortgage which is simply two mortgages in one. The piggyback loan can eliminate the need for private mortgage insurance by covering 80% of the home's value with the first loan, while the second loan helps to pay for part of the down payment.
The Department of Housing and Urban Development (HUD) offers special loan programs such as FHA loans to those who may not qualify for conventional loans due to a lower credit score or a limited down payment.
Military veterans can take advantage of VA loans which offer affordable rates & do not require a down payment.
USDA loans can help people with low incomes in rural parts of the state qualify for a subsidized low-interest loan. Given the low population density throughout most of the state, most areas qualify.
New Mexico's local government and housing authority put several mortgage assistance programs in place to help people obtain a mortgage and purchase a home.
Many people are hesitant to purchase a home because they won't be able to afford a down payment or closing costs. The First Down program wants to change that, and they offer applications down payment assistance in the form of a second mortgage loan with a lower interest rate.
This program was designed for low-income or moderately low-income applicants who can afford a mortgage but may have trouble paying a down payment or closing costs on their home. To be eligible for this program, you have to apply and obtain a mortgage loan through the First Home Program. Once you do this, you can apply for this program, and the funding is based on your needs. It caps at a maximum second loan of $8,000.
You repay this loan each month with your normal mortgage payment, and the loan itself is a 30-year fixed rate loan with an interest rate of 6%. This program also has no penalty if you want to pay it off sooner. Any applicant for this program will have to meet household income limits, and these do vary from county to county.
First Home Program
New Mexico's Mortgage Finance Authority (MFA) created the First Home Program to help first-time homebuyers get a mortgage loan at an affordable rate. You can also apply and combine this program with the MFA's down payment assistance program. Any first-time homebuyer will have to meet certain eligibility requirements to be considered eligible for this program, and the requirements do vary from county to county.
A first-time homebuyer must be planning to purchase a home to use as their primary residence, and they can't have owned a home in the past three years. Applicants must also meet their local household income limit for their family size, have a decent credit history, and have the home they want to purchase fall within the program limits.
One an applicant applies for the program; an MFA-approved lender will look over the application. They'll look at the applicant's monthly income, their expenses, and their credit score along with their credit history. If they believe this program is a good match, they'll approve the applicant for a 30-year, fixed-rate mortgage at a competitive interest rate.
Next Home Program
The Next Home Program was designed to help low-income or moderately low-income participants purchase a second home. This program features higher income limits than the First Home program, and there are also slightly more flexible qualification guidelines for the applicants.
The funding you receive will come in the form of a 30-year fixed rate mortgage that includes a 3% down payment assistance grant the applicant won't have to pay back. You can only use these funds to purchase a single family primary residence, and investment properties are not allowed.
In order to be considered eligible, every applicant has to have a credit score of 620 or higher. Every applicant also has to contribute at least $500 to the program, and they have to meet certain income qualification requirements, and the home you want to purchase has to fall under certain price restrictions.
Homeowner's insurance policies typically do not cover flooding. Most of the state of New Mexico is considered to have a very low flooding risk. Counties with relatively elevated risk profiles include:
Home buyers with mortgages in high-risk areas are required to buy flood insurance. Most flood insurance policies are sold by the United States federal government through The National Flood Insurance Program. Under-priced flood insurance in high-risk areas act as a subsidy to wealthy homeowners.
The NFIP does not charge nearly enough to cover the expected costs of its liabilities. The assessments are not sufficient to build any buffer to cover an extraordinary year, such as what occurred with Hurricane Katrina in 2005 or Hurricane Sandy in 2012. Because homeowners don't incur the full cost of building in a flood zone we end up with more houses there than if homeowners incurred the full cost of the flood risk, which exacerbates the government's costs in the next disaster.
Homeowners who live in lower risk areas & are not required to purchase flood insurance heavily cross-subsidize homeowners who are in areas where floods are more common.
New Mexico has a moderate to high earthquake risk. Here are county-by-county risk profiles for counties with a risk level above very low.
Standard rental and homeowner insurance policies typically do not cover earthquake damage, though they usually cover losses caused by fires which resulted from an earthquake. You can supplement your homeowner's insurance with an earthquake policy.
New Mexico has the ninth-lowest property tax collection rates in the United States. On average, homeowners in the state paid around $2,214 per year on a property that is valued at $227,540 . This rate equals out to be around 0.97% of the property's value and around 1.69% of the property owners annual income limit. The county that collects the highest amount of property taxes is Bernalillo County. The county that collects the least amount of property taxes is Harding County with $255.00 collected per property, per year.
New Mexico put several laws in place to protect homeowners in the event of an unexpected bankruptcy. If the homeowner can no longer pay their mortgage or they have unresolved debts due to a bankruptcy that happened because of a divorce, death, disability, or unexpected medical emergency, the Homestead Laws protect a portion of their property. In New Mexico, a homeowner can claim up to $30,000 or if the homestead in question isn't worth that amount, $2,000 in any property and $500 for personal property.
New Mexico is a state that allows people to obtain property by way of Adverse Possession. This means that if someone freely and openly occupies a piece of land or property for ten years, they can then go and get a legally-binding deed to the property that names them the owner of said property.
However, there are several ways someone can go about Adverse Possession in New Mexico, and the court has several scenarios in place. The trespasser must prove to the courts without a doubt that they openly occupied the land in question for an unbroken period of 10 years. Additionally, the adverse possession must be:
Home loans are usually recognized in New Mexico as mortgage instruments. This is true because unless a homebuyer explicitly allows a deed of trust to go into effect, the homebuyer may opt to use a mortgage contract to govern the terms of the loan.
The state of New Mexico allows for both judicial and nonjudicial foreclosures, but most mortgage lenders choose to follow the judicial foreclosure process. The mortgage lender will initiate the foreclosure process by filing a lawsuit against the defaulted borrower with the court system, and the foreclosure will proceed from that point on.
New Mexico's foreclosure process on residential real estate properties is straightforward. Lenders who foreclose on homes have to follow a process in New Mexico that is straightforward. Most of the time, lenders may use judicial foreclosure to re-acquire a property. Here is how the process works:
New Mexico is also considered to be a recourse state as the mortgage lender is allowed to sue the borrower for any deficient funds the mortgage lender may have once the property was sold at a foreclosure auction. For example, if a mortgage lender repossesses a property after the borrower stopped paying mortgage payments and sold it for $85,000 at an auction but the borrower still owed $140,000, there would be a deficit of $55,000. The mortgage lender would then have six years from the date of the foreclosure auction to sue the borrower for the additional $55,000 deficit.
There is a restriction to this recourse if the foreclosure process is done through nonjudicial means. The mortgage lender is not allowed to sue a defaulted borrower if they chose to use a nonjudicial foreclosure process to foreclose on a residential loan that was made to a low-income household. The definition of a low-income household is a household whose current yearly income is at or below 80% of the area's median adjusted income for the family size. The decision on whether or not a household is considered to be low-income will be based on what the mortgage lender found out at the loan's origination point. (New Mexico State. Ann. § 48-10-17)
Please check out the following resources to learn more about the New Mexico real estate market.