Total monthly cost of ownership
Cost to Own a Home in Albuquerque, New Mexico
A $267,000 home here costs
$2,208per month, all in, with 20% down at today's 7.40% 30-year fixed rate. By the 28% rule that takes a household income of about $94,500 a year.
A standard mortgage calculator would have told you $1,479. The real number is $729 higher every month, 49% more than the payment most buyers budget for.
Compare Bernalillo County with anywhere in America · full county breakdown
Where every dollar goes
Only the first line is a mortgage payment. Change any assumption above and every figure below recalculates.
Albuquerque against Bernalillo County and New Mexico
| Measure | Albuquerque | Bernalillo County |
|---|---|---|
| Median home value | $266,700 | $268,500 |
| Median property tax | $2,596 | $2,544 |
| Effective tax rate | 0.973% | 0.947% |
| Median gross rent | $1,085 | $1,087 |
| Population | 562,488 | 674,357 |
The weather behind that power bill
Albuquerque sits in Bernalillo County, which averages a high of 91.2°F in its hottest month and a low of 26.4°F in its coldest, with 8.84" of precipitation a year and 46% of it in a single three-month stretch. That climate drives 1,438 cooling and 3,996 heating degree days, which is what sets the $105 electricity line above.
See the full climate breakdown for Bernalillo County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Bernalillo County
Full Bernalillo County cost breakdown · Every county in New Mexico
Talk to someone who works this market
These are Albuquerque averages. What one specific house costs to own, or what it would sell for today, depends on the street and the condition of the place. We will connect you with one licensed local agent who works Albuquerque every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Albuquerque I already own here and may sell
Common questions
How much does it cost to own a home in Albuquerque?
A $267,000 home in Albuquerque, New Mexico costs approximately $2,208 per month with 20% down at 7.4%. That is $1,479 principal and interest, $216 property tax, $117 homeowners insurance, $173 utilities and $223 set aside for maintenance.
What is the property tax rate in Albuquerque?
Albuquerque has an effective property tax rate of 0.973%, based on a median home value of $266,700 and median real estate taxes of $2,596. That is higher than the Bernalillo County average of 0.947%.
What is the average home price in Albuquerque?
The median owner-occupied home value in Albuquerque, New Mexico is $266,700, against $268,500 across Bernalillo County.
Is it cheaper to rent or buy in Albuquerque?
Median gross rent in Albuquerque is $1,085 a month, against $2,208 to own the median home all in. Renting costs less month to month here, though renting builds no equity.
What salary do you need to buy a home in Albuquerque?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Albuquerque, New Mexico at today's rate takes a household income of roughly $94,500 a year. That covers the full $2,208 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Albuquerque, US Census Bureau, American Community Survey ACS 2023 5-Year, place-level tables.
- Homeowners insurance, NAIC average premium for New Mexico.
- Electricity price, EIA Electric Power Monthly Table 5.6.A.
- Mortgage rate, Freddie Mac PMMS, refreshed weekly.
- Maintenance (1%/yr) and water and sewer ($68/mo) are national estimates. Every assumption above is editable.