Total monthly cost of ownership
Cost to Own a Home in Bayard, New Mexico
A $118,000 home here costs
$1,019per month, all in, with 20% down at today's 7.24% 30-year fixed rate. By the 28% rule that takes a household income of about $43,500 a year.
A standard mortgage calculator would have told you $643. The real number is $376 higher every month, 58% more than the payment most buyers budget for.
Compare Grant County with anywhere in America · full county breakdown
Small-place caveat: the Census publishes these figures for Bayard from a five-year rolling sample, and with about 2,370 residents that sample is small. The median home value here carries a much wider margin of error than a big-city figure does, so treat it as indicative rather than exact. The Grant County figures are drawn from a far larger sample if you want a steadier number.
Where every dollar goes
Only the first line is a mortgage payment. Change any assumption above and every figure below recalculates.
Bayard against Grant County and New Mexico
| Measure | Bayard | Grant County |
|---|---|---|
| Median home value | $118,100 | $164,400 |
| Median property tax | $595 | $756 |
| Effective tax rate | 0.504% | 0.460% |
| Median gross rent | $653 | $810 |
| Population | 2,370 | 27,856 |
The weather behind that power bill
Bayard sits in Grant County, which averages a high of 90.9°F in its hottest month and a low of 20.4°F in its coldest, with 14.51" of precipitation a year and 49% of it in a single three-month stretch. That climate drives 875 cooling and 4,278 heating degree days, which is what sets the $108 electricity line above.
See the full climate breakdown for Grant County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Grant County
Full Grant County cost breakdown · Every county in New Mexico
Talk to someone who works this market
These are Bayard 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 Bayard every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Bayard I already own here and may sell
Common questions
How much does it cost to own a home in Bayard?
A $118,000 home in Bayard, New Mexico costs approximately $1,019 per month with 20% down at 7.24%. That is $643 principal and interest, $50 property tax, $52 homeowners insurance, $176 utilities and $98 set aside for maintenance.
What is the property tax rate in Bayard?
Bayard has an effective property tax rate of 0.504%, based on a median home value of $118,100 and median real estate taxes of $595. That is higher than the Grant County average of 0.460%.
What is the average home price in Bayard?
The median owner-occupied home value in Bayard, New Mexico is $118,100, against $164,400 across Grant County.
Is it cheaper to rent or buy in Bayard?
Median gross rent in Bayard is $653 a month, against $1,019 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 Bayard?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Bayard, New Mexico at today's rate takes a household income of roughly $43,500 a year. That covers the full $1,019 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Bayard, 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.