Total monthly cost of ownership
Cost to Own a Home in Española, New Mexico
A $205,000 home here costs
$1,640per 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 $70,500 a year.
A standard mortgage calculator would have told you $1,118. The real number is $523 higher every month, 47% more than the payment most buyers budget for.
Compare Santa Fe 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.
Española against Santa Fe County and New Mexico
| Measure | Española | Santa Fe County |
|---|---|---|
| Median home value | $205,100 | $416,900 |
| Median property tax | $1,033 | $2,110 |
| Effective tax rate | 0.504% | 0.506% |
| Median gross rent | $832 | $1,318 |
| Population | 10,472 | 155,175 |
Española extends across 2 counties. Figures here use Santa Fe County, where most of its housing sits.
The weather behind that power bill
Española sits in Santa Fe County, which averages a high of 88.5°F in its hottest month and a low of 19.5°F in its coldest, with 10.71" of precipitation a year and 48% of it in a single three-month stretch. That climate drives 683 cooling and 5,385 heating degree days, which is what sets the $108 electricity line above.
See the full climate breakdown for Santa Fe County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Santa Fe County
Full Santa Fe County cost breakdown · Every county in New Mexico
Talk to someone who works this market
These are Española 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 Española every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Española I already own here and may sell
Common questions
How much does it cost to own a home in Española?
A $205,000 home in Española, New Mexico costs approximately $1,640 per month with 20% down at 7.24%. That is $1,118 principal and interest, $86 property tax, $90 homeowners insurance, $176 utilities and $171 set aside for maintenance.
What is the property tax rate in Española?
Española has an effective property tax rate of 0.504%, based on a median home value of $205,100 and median real estate taxes of $1,033. That is in line with the Santa Fe County average of 0.506%.
What is the average home price in Española?
The median owner-occupied home value in Española, New Mexico is $205,100, against $416,900 across Santa Fe County.
Is it cheaper to rent or buy in Española?
Median gross rent in Española is $832 a month, against $1,640 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 Española?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Española, New Mexico at today's rate takes a household income of roughly $70,500 a year. That covers the full $1,640 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Española, 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.