Total monthly cost of ownership
Cost to Own a Home in El Cerro, New Mexico
A $292,000 home here costs
$2,216per month, all in — with 20% down at today's 6.66% 30-year fixed rate.
A standard mortgage calculator would have told you $1,501. The real number is $715 higher every month — 48% more than the payment most buyers budget for.
Where every dollar goes
Only the first line is a mortgage payment. Change any assumption above and every figure below recalculates.
El Cerro against Valencia County and New Mexico
| Measure | El Cerro | Valencia County |
|---|---|---|
| Median home value | $291,800 | $206,800 |
| Median property tax | $1,787 | $1,365 |
| Effective tax rate | 0.612% | 0.660% |
| Median gross rent | $1,045 | $970 |
| Population | 3,093 | 77,382 |
The weather behind that power bill
El Cerro 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 $127 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
Common questions
How much does it cost to own a home in El Cerro?
A $292,000 home in El Cerro, New Mexico costs approximately $2,216 per month with 20% down at 6.66%. That is $1,501 principal and interest, $149 property tax, $128 homeowners insurance, $195 utilities and $243 set aside for maintenance.
What is the property tax rate in El Cerro?
El Cerro has an effective property tax rate of 0.612%, based on a median home value of $291,800 and median real estate taxes of $1,787. That is lower than the Valencia County average of 0.660%.
What is the average home price in El Cerro?
The median owner-occupied home value in El Cerro, New Mexico is $291,800, against $206,800 across Valencia County.
Is it cheaper to rent or buy in El Cerro?
Median gross rent in El Cerro is $1,045 a month, against $2,216 to own the median home all in. Renting costs less month to month here, though renting builds no equity.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for El Cerro — 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.