Are you thinking of moving to Santa Fe, New Mexico? With its beautiful natural surroundings, vibrant culture, and historical significance, Santa Fe is an attractive option for many. But how do Santa Fe's home prices compare with other cities in the state?In this article, we'll compare home prices in Santa Fe to those of other cities in New Mexico. We'll discuss the average home prices in each city and the differences between them. We'll also look at the factors that influence home prices in each city, so you can make an informed decision when deciding where to purchase a home. According to recent data from Zillow, the median home price in Santa Fe is $385,000.
This is slightly higher than the median home price across all of New Mexico, which stands at $362,000. When compared to other cities in the state, Santa Fe's median home price is on the higher end of the scale. For example, in Las Cruces, the median home price is $217,500. In Albuquerque, it's $264,400. When it comes to rental prices, Santa Fe is also on the higher end of the scale.
The median rent for a one-bedroom apartment in Santa Fe is $1,050 per month, compared to $850 in Las Cruces and $950 in Albuquerque. In terms of affordability, Santa Fe falls behind many other cities in New Mexico. According to data from the National Low Income Housing Coalition (NLIHC), the average renter in Santa Fe earns a median income of $40,000 per year. The NLIHC recommends that people spend no more than 30% of their income on housing costs.
Based on this recommendation, the average renter in Santa Fe can afford a monthly rent of about $1,000. However, the median rent for a one-bedroom apartment in the city is currently more than that amount. When it comes to home ownership, Santa Fe has slightly more affordable options than other cities in the state. According to data from Zillow, the median mortgage payment for a home in Santa Fe is $1,539 per month. This is slightly lower than in Las Cruces ($1,634) and Albuquerque ($1,744).
Conclusion
Santa Fe's housing market is on the more expensive side when compared to other cities in New Mexico.Rental prices are high and unaffordable for many people living in the city. Home ownership is slightly more affordable than other cities in the state but still out of reach for many residents. Overall, it's important to keep these figures in mind when considering whether or not to move to Santa Fe. When it comes to housing prices in New Mexico, Santa Fe stands out as one of the most expensive options. However, there are still some areas where home ownership is slightly more affordable than other cities in the state.
It's important to take all of this into consideration when making a decision about where to live. Homebuyers should consider the cost of living in Santa Fe compared to other cities in New Mexico before making a purchase, and weigh the advantages and disadvantages of each location.
