Total monthly cost of ownership
Cost to Own a Home in Gallup, New Mexico
A $135,000 home here costs
$1,212per 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 $52,000 a year.
A standard mortgage calculator would have told you $736. The real number is $476 higher every month, 65% more than the payment most buyers budget for.
Compare McKinley 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.
Gallup against McKinley County and New Mexico
| Measure | Gallup | McKinley County |
|---|---|---|
| Median home value | $134,600 | $72,100 |
| Median property tax | $1,533 | $1,362 |
| Effective tax rate | 1.139% | 1.889% |
| Median gross rent | $858 | $810 |
| Population | 21,333 | 71,172 |
The weather behind that power bill
Gallup sits in McKinley County, which averages a high of 88.8°F in its hottest month and a low of 13.9°F in its coldest, with 10.7" of precipitation a year and 45% of it in a single three-month stretch. That climate drives 475 cooling and 6,105 heating degree days, which is what sets the $108 electricity line above.
See the full climate breakdown for McKinley County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in McKinley County
Full McKinley County cost breakdown · Every county in New Mexico
Talk to someone who works this market
These are Gallup 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 Gallup every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Gallup I already own here and may sell
Common questions
How much does it cost to own a home in Gallup?
A $135,000 home in Gallup, New Mexico costs approximately $1,212 per month with 20% down at 7.24%. That is $736 principal and interest, $128 property tax, $59 homeowners insurance, $176 utilities and $113 set aside for maintenance.
What is the property tax rate in Gallup?
Gallup has an effective property tax rate of 1.139%, based on a median home value of $134,600 and median real estate taxes of $1,533. That is lower than the McKinley County average of 1.889%.
What is the average home price in Gallup?
The median owner-occupied home value in Gallup, New Mexico is $134,600, against $72,100 across McKinley County.
Is it cheaper to rent or buy in Gallup?
Median gross rent in Gallup is $858 a month, against $1,212 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 Gallup?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Gallup, New Mexico at today's rate takes a household income of roughly $52,000 a year. That covers the full $1,212 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Gallup, 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.