Total monthly cost of ownership
Cost to Own a Home in El Cerro Mission, New Mexico
A $101,000 home here costs
$918per 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 $39,500 a year.
A standard mortgage calculator would have told you $551. The real number is $367 higher every month, 67% more than the payment most buyers budget for.
Compare Valencia 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.
El Cerro Mission against Valencia County and New Mexico
| Measure | El Cerro Mission | Valencia County |
|---|---|---|
| Median home value | $101,000 | $206,800 |
| Median property tax | $753 | $1,365 |
| Effective tax rate | 0.746% | 0.660% |
| Median gross rent | $1,289 | $970 |
| Population | 5,101 | 77,382 |
The weather behind that power bill
El Cerro Mission sits in Valencia County, which averages a high of 93.3°F in its hottest month and a low of 19.0°F in its coldest, with 9.23" of precipitation a year and 46% of it in a single three-month stretch. That climate drives 1,192 cooling and 4,405 heating degree days, which is what sets the $108 electricity line above.
See the full climate breakdown for Valencia County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Valencia County
Full Valencia County cost breakdown · Every county in New Mexico
Talk to someone who works this market
These are El Cerro Mission 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 El Cerro Mission every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in El Cerro Mission I already own here and may sell
Common questions
How much does it cost to own a home in El Cerro Mission?
A $101,000 home in El Cerro Mission, New Mexico costs approximately $918 per month with 20% down at 7.24%. That is $551 principal and interest, $63 property tax, $44 homeowners insurance, $176 utilities and $84 set aside for maintenance.
What is the property tax rate in El Cerro Mission?
El Cerro Mission has an effective property tax rate of 0.746%, based on a median home value of $101,000 and median real estate taxes of $753. That is higher than the Valencia County average of 0.660%.
What is the average home price in El Cerro Mission?
The median owner-occupied home value in El Cerro Mission, New Mexico is $101,000, against $206,800 across Valencia County.
Is it cheaper to rent or buy in El Cerro Mission?
Median gross rent in El Cerro Mission is $1,289 a month, against $918 to own the median home all in. Owning costs less month to month here, though renting builds no equity.
What salary do you need to buy a home in El Cerro Mission?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in El Cerro Mission, New Mexico at today's rate takes a household income of roughly $39,500 a year. That covers the full $918 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for El Cerro Mission, 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.