Total monthly cost of ownership
Cost to Own a Home in Elephant Butte, New Mexico
A $167,000 home here costs
$1,379per 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 $59,000 a year.
A standard mortgage calculator would have told you $910. The real number is $469 higher every month, 51% more than the payment most buyers budget for.
Compare Sierra County with anywhere in America · full county breakdown
Small-place caveat: the Census publishes these figures for Elephant Butte from a five-year rolling sample, and with about 1,586 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 Sierra 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.
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 $108 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
Talk to someone who works this market
These are Elephant Butte 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 Elephant Butte every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Elephant Butte I already own here and may sell
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 $1,379 per month with 20% down at 7.24%. That is $910 principal and interest, $80 property tax, $73 homeowners insurance, $176 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 $1,379 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 Elephant Butte?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Elephant Butte, New Mexico at today's rate takes a household income of roughly $59,000 a year. That covers the full $1,379 monthly cost, not just the mortgage payment.
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.