8 Most Affordable Places to Live in New Mexico in 2024

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 $355,200. 

If that price doesn’t fit into your budget, don’t worry. Redfin has collected 8 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 $355,200. From Roswell to Las Cruces, learn what cities are on the list.

#1: Roswell

Median home price: $197,947
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 $197,947, 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.

#2: Clovis

Median home price: $219,000
Average rent for a 1-bedroom apartment: $1,063
Median household income: $52,983
Nearest major metro: Lubbock, TX (100 miles)
Clovis, NM homes for sale
Clovis, NM apartments for rent

The second city on our list is Clovis, home to about 37,600 residents. Located on the eastern portion of the state, near the New Mexico-Texas border, Clovis is a charming city to call home. In Clovis, you can explore the Hillcrest Park Zoo, check out the Cannon AFB Visitor Center, and wander through the quaint downtown where you’ll find local shops and markets.

#3: Hobbs

Median home price: $240,000
Average rent for a 1-bedroom apartment: $1,010
Median household income: $63,804
Nearest major metro: Midland, TX (95 miles)
Hobbs, NM homes for sale
Hobbs, NM apartments for rent

Next up on our list of affordable places to live in New Mexico is Hobbs. With a median home sale price of $240,000 and about 39,300 residents, Hobbs is an awesome place to call home in eastern New Mexico. Hobbs is home to landmarks like the Zia Park Racetrack, Lea County Event Center, and the Western Heritage Museum and Lea County Cowboy Hall of Fame. Hobbs’ charming downtown has plenty to explore, specifically checking out the local cuisine. 

#4: South Valley

Median home price: $253,000
Average sale price per square foot: $185
Median household income: $44,670
Nearest major metro: Albuquerque (7 miles)
South Valley, NM homes for sale
South Valley, NM apartments for rent

Fourth on our list is the charming Albuquerque suburb of South Valley. Home to about 37,600 residents, there are plenty of one-of-a-kind activities in South Valley. For example, you can explore the Valle de Oro National Wildlife Refuge, with over 570 acres of protected land, wildlife, and trails along the Rio Grande. You can also visit the Gutierrez-Hubbell House, an adobe home dating back to the 1860s. 

#5: Farmington

Median home price: $265,000
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

Coming in as the next most affordable city to live in New Mexico is Farmington. It’s about 185 miles from the nearest major metro, Albuquerque, but is only about 52 miles from Durango, CO. 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.

#6: Las Cruces

Median home price: $300,000
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

Sixth is Las Cruces, where about 111,400 residents currently live. The median home sale price is $300,000 which is about $55K less than the median home sale price in New Mexico. If you find yourself moving to this 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. It’s also one of the best places to live in New Mexico.

#7: Albuquerque

Median home price: $350,000
Average sale price per square foot: $207
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

Next up 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.

#8: Rio Rancho

Median home price: $350,000
Average sale price per square foot: $209
Average rent for a 1-bedroom apartment: $1,242
Median household income: $78,978
Nearest major metro: Albuquerque (15 miles)
Rio Rancho, NM homes for sale
Rio Rancho, NM apartments for rent

Taking the final spot on our list of most affordable places to live in New Mexico is Rio Rancho. Another popular Albuquerque suburb, this area is home to about 110,600 people and has a median home sale price of $350,000. Rio Rancho is conveniently located near Balloon Fiesta Park, the space where the annual Albuquerque International Balloon Fiesta is held. The city is also home to plenty of local restaurants and green spaces like Willow Creek Trailhead and Open Space.

Methodology: All cities must have over 35,000 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 2024. 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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