Total monthly cost of ownership
Cost to Own a Home in Elephant Butte, New Mexico
A $167,000 home here costs
$1,346per month, all in — with 20% down at today's 6.66% 30-year fixed rate.
A standard mortgage calculator would have told you $859. The real number is $488 higher every month — 57% 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.
Elephant Butte against Sierra County and New Mexico
| Measure | Elephant Butte | Sierra County |
|---|---|---|
| Median home value | $166,800 | $144,800 |
| Median property tax | $963 | $793 |
| Effective tax rate | 0.577% | 0.548% |
| Median gross rent | $1,169 | $695 |
| Population | 1,586 | 11,511 |
The weather behind that power bill
Elephant Butte sits in Sierra County, which averages a high of 95.9°F in its hottest month and a low of 30.0°F in its coldest, with 9.89" of precipitation a year and 56% of it in a single three-month stretch. That climate drives 2,209 cooling and 2,774 heating degree days, which is what sets the $127 electricity line above.
See the full climate breakdown for Sierra County — month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Sierra County
Full Sierra County cost breakdown · Every county in New Mexico
Common questions
How much does it cost to own a home in Elephant Butte?
A $167,000 home in Elephant Butte, New Mexico costs approximately $1,346 per month with 20% down at 6.66%. That is $859 principal and interest, $80 property tax, $73 homeowners insurance, $195 utilities and $139 set aside for maintenance.
What is the property tax rate in Elephant Butte?
Elephant Butte has an effective property tax rate of 0.577%, based on a median home value of $166,800 and median real estate taxes of $963. That is higher than the Sierra County average of 0.548%.
What is the average home price in Elephant Butte?
The median owner-occupied home value in Elephant Butte, New Mexico is $166,800, against $144,800 across Sierra County.
Is it cheaper to rent or buy in Elephant Butte?
Median gross rent in Elephant Butte is $1,169 a month, against $1,346 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 Elephant Butte — 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.